The EFCC has arrested the Rector of Yaba College of Technology, Mr. Owoso Olubumi, over a case of conspiracy, misappropriation and diversion of public funds.
He is being questioned for his role in manipulating the institution’s nominal roll with intent to defrauding the federal government, and misleading the office of the Accountant General of the Federation regarding the status of staff of the Polytechnic’s primary and secondary schools.

In a related development, the effort of the Economic and Financial Crimes Commission to check the incidences of illegal oil bunkering and pipeline vandalism was rewarded last week as operatives of the Anti Terrorism and Pipeline Vandalisation Unit of the Commission smashed a syndicate that specializes in the adulteration of petroleum products. Members of the syndicates which operate from the Apapa area of Lagos were picked up on July 24, 2008 following a tip off.

Those arrested includes Collins Okufu, Frederick Madughu and Ali Isa. They were arrested while attempting to mix a consignment of Automotive Gas Oil, otherwise called diesel with Kerosene and blue.
At press time efforts were still being made by the agency to apprehend their collaborators in the nefarious business.
Items recovered from the suspects, who would soon be arraigned in court, includes a pumping machine and two tankers with registration numbers, Lagos: SK 227AGL and SM 719 KSF.
Meanwhile, 48 hours after EFCC operatives raided the Lagos home of their former chief investigator, Ibrahim Magu, carting away bags of papers and a laptop computer, security agents again landed at his Abuja home on Plot 177 Karu Side, close to the Karu Police Station, searching for undisclosed documents.

Ibrahim Magu, a police Chief Superintendent [CSP] was at Ado Ekiti, his new duty tour base, when the security officers forced their ways into his Abuja home where they ransacked the whole place and left with a flash drive, and some personal documents.
Magu, one of Nigeria’s most acclaimed financial crimes investigators is a trained forensic accountant, and an alumnus of many international training at the FBI institute and the London Metropolitan Police institute. He had also served, prior to his EFCC posting, at Bosnia under the United Nations peacekeeping police duties.

Magu came into public attention recently when he led many high profile investigations against former governors including James Ibori of Delta State and Bukola Saraki of Kwara State.
Observers are pointing fingers at the coincidence at Magu’s current travails with the political worries of power brokers like James Ibori and Bukola Saraki.
The EFCC, speaking through its spokesman, Femi Babafemi, said that it raided Magus’s home in Lagos because the commission was looking for some sensitive documents believed to be in his possession relating to the investigation of high profile cases of some serving and former governors.
It confirmed that after a four-hour "fruitful search", its operatives recovered a laptop computer with classified documents, and files relating to Nigerian Ports Authority investigations, and materials relating to the investigations of Mr. Tafa Balogun, the former Police Inspector general.

However, investigations by Sunday Sun revealed that the EFCC claims were not matched by the search notes signed by its operatives. The NPA files recovered were materials from a long concluded investigation on Onne Port in 2004 while the Tafa Balogun files is related to his case which is already closed. Balogun had not only been prosecuted but has in fact been convicted. Sources within the anti-graft commission told Sunday Sun that the laptop itself was the computer Magu had used since May 2003 when he joined the EFCC as a foundation staff and which contained no classified materials whatsoever. Other materials the EFCC operatives signed to have seized include the handing over notes of his job as the pointsman on the presidential task force team on special investigations, an investigation report submitted to him for vetting by one of his subordinates.