{"id":24186,"date":"2020-07-13T13:36:58","date_gmt":"2020-07-13T13:36:58","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=24186"},"modified":"2020-07-13T13:37:05","modified_gmt":"2020-07-13T13:37:05","slug":"money-in-tsa-doesnt-attract-interest-magu-reacts-to-allegation-he-did-not-account-for-interest-on-recovered-n550bn","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=24186","title":{"rendered":"Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2020\/07\/magu-efcc-1-1.jpg\" alt=\"Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn\"\/><\/figure>\n\n\n\n<p>The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has denied allegations that he failed to account for the interest that accrued on the N550 billion recovered fund kept in CBN\u2019s custody.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ripplesnigeria.com\/tag\/Magu\/\">Magu&nbsp;<\/a>made the denial in a statement on Sunday by his lawyer, Wahab Shittu, adding that such recovered fund kept with the Central Bank of Nigeria do not generate interest.<\/p>\n\n\n\n<p>The statement said: \u201cIt is falsehood that Magu placed N550 billion recovered loot into a deposit account.<\/p>\n\n\n\n<p>\u201cThe 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 blatant falsehood.<\/p>\n\n\n\n<p>\u201cTo the best of Magu\u2019s 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.<\/p>\n\n\n\n<p>\u201cAll recovered funds are lodged in the Treasury Single Account (TSA) with the&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/tag\/CBN\/\">Central Bank of Nigeria (CBN)<\/a>. Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.<\/p>\n\n\n\n<p>\u201cThis can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has denied allegations that he failed to account for the interest that accrued on the N550 billion recovered fund kept in CBN\u2019s custody. Magu&nbsp;made the denial in a statement on Sunday by his lawyer, Wahab Shittu, adding that such recovered fund [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[42],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=24186\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=24186#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Corruption\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=42\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=24186","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=24186#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Corruption","item":"https:\/\/watchdogplusmedia.com\/?cat=42"},{"@type":"ListItem","position":3,"name":"Money in TSA doesn\u2019t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=42\" rel=\"category\">Corruption<\/a>","rttpg_excerpt":"The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has denied allegations that he failed to account for the interest that accrued on the N550 billion recovered fund kept in CBN\u2019s custody. Magu&nbsp;made the denial in a statement on Sunday by his lawyer, Wahab Shittu, adding that such recovered fund&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24186"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24186"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24186\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}