The panel is said to have been instituted for the purpose of investigating high profile corruption cases which were allegedly compromised by the EFCC, according to Punch.

The committee’s tasks are as follows:

“To identify all parties that engaged in conspiratorial fraudulent activities at EFCC that led to financial loss to the FGN;

“To analyse petitions submitted to the EFCC against persons and organisations in billions of naira that were not investigated or investigated and compromised by the EFCC hence caused collateral economic loss to the FGN;

“To analyse all cases the EFCC took over from other agencies or investigated with other agencies, and report the actual and collateral loss to the FGN;

“To assess the EFCC’s standing procedure on seizures, forfeitures, management of seized properties, remittances etc;

“To verify all assets seized by the EFCC and/or forfeited by criminal suspects to the EFCC onshore and offshore;

“To verify all remittances by the EFCC to the FGN;

“To reconcile assets seized and/or forfeited vis-a-vis assets remitted to the FGN;

“To identify and audit all bank accounts opened by the EFCC and all bank accounts seized from criminal suspects onshore and offshore from inception to date, among others.”

The committee has been named the Presidential Committee on Verification of Assets and will be under the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami.

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