Acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said it would auction the $40 million worth of jewellery which were seized from the house of Diezani Alison-Madueke, former minister of petroleum resources, by its actual value.
This was disclosed by Magu yesterday while speaking with stakeholders on the crusade against cybercrime and fraudsters.
Recall that a federal high court in Lagos had ordered the permanent forfeiture of Alison-Madueke’s jewellery to the federal government. 
Magu said the auctioneers would also sell off the luxury houses recovered from the former minister and other fraud suspects.
According to him, there has to be transparency in the process.
Citing what the commission is doing in Portharcourt, Magu said “There are about 242 trailers and tankers that we are about auctioning. In fact, in the next two weeks, we will auction them. We will advertise, you will see it very clearly,”
He said selling recovered crime proceeds at a cheap amount is bad and they should be sold at the same price.
He said everything possible to find out the original prices of any forfeited property would be done, adding that professionals and merchants in the area would be invited to give their actual prices and the current worth.
He said everyone would be involved including the courts, the Federal Ministry of Justice, Department of Petroleum Resources and maybe the army, in whose premises these things are kept. We have to be very transparent.
Magu appealed to the mothers of internet fraudsters better known as “Yahoo boys”, who he said have now formed associations, to desist from supporting them.
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