Audit panel alleges massive wastage and deterioration of cars, other recovered assets without regard for law

NAN reported on Sunday that PCARA’s report indicated that there was massive wastage and deterioration of physical assets including landed properties, cars and vessels recovered by the EFCC due to poor management.

It also noted that the EFCC   failed  to preserve and realise the economic value of the recovered assets, noting that some of the assets were recovered over 15 years ago and left fallow

He disposed of seized assets without regard for law

It also alleged that the suspended EFCC boss   neglected or  refused to comply with the Regulations on the Management of Recovered Assets, 2019 as he embarked on disposing some of the properties without regard to extant law.

It stated, “These regulations were  issued in line with international best practices and to ensure that all the anti-corruption agencies report all their recovered assets in a database provided by the Federal Government.

“It is important to note that the (suspended) acting chairman in apparent disregard of the regulation is disposing of these properties without regard to extant laws, and regulations and without reference to the Office of the Attorney General of the Federation and in effect, there is no way to have an audit of the property.

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