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Recovered Funds Don’t Generate Interest – Ibrahim Magu

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“Recovered Funds Don’t Generate Interest”, Ibrahim Magu, the suspended acting chairman of EFCC Counters the Presidential Panel.

Ibrahim Magu, the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), says allegations that the Commission under him re-looted interests on the funds recovered from looters, is false.

Recall that over the weekend, the Presidential Committee on Audit of Recovered Assets (PCARA) alleged that the interest generated on the N550 billion recovered from looters have been re-looted under Magu.

The presidential panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.

However, in a statement released yesterday July 13 by his counsel, Wahab Shittu, Magu described the allegation as a ”blatant falsehood”.

According to the embattled chairman reveals that, the recovered funds don’t generate interest because the recovered funds were lodged in the treasury single account (TSA) with the Central Bank of Nigeria (CBN), adding that funds in the TSA do not generate interests.

“It is falsehood that Magu placed N550 billion recovered loot into a deposit account. The alleged transaction never featured in the proceedings before the Salami panel.

Magu was never confronted with any such allegation by the panel and the news is a blatant falsehood.

To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.

All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest.

This is elementary and can be verified from the CBN and the federal ministry of finance.

This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”

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TikTok CEO Zhang Yiming Resign (See Why)

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TikTok CEO Zhang Yiming Resign


The CEO of TikTok, Zhang Yiming has recently resign to read book and daydream.

The CEO of video-sharing social network, TikTok who is currently the 30th richest person in the world made a decision to resign as the CEO.

He stated that, he wants to spend more time to reading of books and daydreaming also.

According to reporters, Zhang with a net worth of $44 billion announced on Monday, May 24, in an official letter to his employees, said he lacked some skills that’d make him an ideal manager.

“The truth is, I lack some of the skills that make an ideal manager. Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible.,” he said.

Yiming will step down at the end of the year to focus on long-term strategy.

 

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OMG!! Brekete’s President, Ahmad Isah Arrested (See Why)

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OMG!! Brekete’s President, Ahmad Isah Arrested


Brekete’s Ordinary President, Ahmad Isah has been arrested by the Police officials in Abuja for assaulting an accused woman.

The popular family show host, Ahmad Isah was clearly seen in a video trending online hitting a BBC Africa Eye documentary interviewee.

The woman made a confession, where she said admit to have poured kerosene on her brother’s daughter and set the child on fire after accusing her of witchcraft.

The family show host, was much aggrieved by all her statement and probably lack of remorse, slapped her twice after he wasn’t able to control his temper.

Ahmad Isah later apologies for his actions after he has receive so much backlash for his actions.

Brekete radio on Tuesday morning, disclose via their official Twitter handler that Ahmed Isah has been arrested.

Watch The Video Below:

 

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Nigerian Girl Shows Dollar Bills Online (video)

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Nigerian Girl Shows Dollar Bills Online (video)


A Nigerian girl was recently seen online as she shows dollar bills while bragging.

The video was seen on YouTube, where the said lady was flaunting some dollar bills, amidst everything happening in the country currently.

It’s really strange to see people flaunt money online with the current situation now, instead of keeping a low profile now.

Check out the video and tell us what you think about all this…

See Video Below:

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