FG Announces Recovery of N3.2bn Stolen Funds in 14 Months, Lists Projects the Money Has Been Spent On

FG Announces Recovery of N3.2bn Stolen Funds in 14 Months, Lists Projects the Money Has Been Spent On

  • The Nigerian government has detailed how it recovered N3.2bn in stolen funds hidden in various accounts
  • However, according to FG, the largest portion of the funds recovered has already been used on several projects
  • FG also announced that the recovered funds are been spent on the development of critical infrastructure in the country

The Federal Government has announced that it has recovered over €6,324,627(N3.2bn) stashed abroad by treasury looters in the last 14 months.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, who disclosed this during the ministerial media briefing held at the Presidential Villa, Abuja, said the funds were recovered between March 2021 and May this year.

He also announced that the recovered funds have already been fully utilised across the country, according to the Cable reports.

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Malami announces €6.3m stolen funds recovered in 14 months
Minister of Justice, Abubakar Malami Credit: Presidency
Source: Depositphotos

Malami named the Second Niger Bridge and the Lagos-Ibadan Expressway as examples of projects where recovered looted funds were utilized.

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Other funds raised

The AGF also revealed that the federal government had generated N1,823,788,146 from the sale of forfeited assets in the last 18 months.

The federal government had in 2018 signed agreements with foreign partners on the repatriation of funds looted abroad by corrupt government officials in the past.

Malami said:

“In complying with the presidential mandate and foreign judicial processes, the Federal Ministry of Justice has recovered a total sum of €6,324,627 from various jurisdictions between March 2021 and May this year.
“Some of the recovered funds are equally being utilised in financing critical infrastructure, including Abuja-Kano Expressway, Second Niger Bridge and Lagos-Ibadan Expressway.
“Let me also state here in 18 months, a total sum of N1,823,788,146 has been generated so far from sale of bid forms and actual sale of forfeited properties.

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“You are aware that the president has put in place an inter-ministerial committee that was saddled with the responsibility, not only identifying the forfeited assets, but indeed disposing assets.

EFCC celebrates Chairman's achievement

Meanwhile, the EFCC has highlighted the achievements of its chairman, Abdulrasheed Bawa, to mark his 100 days in office.

Bawa was appointed by President Muhammadu Buhari in February to head the anti-graft agency following the infamous exit of Ibrahim Magu.

Among the listed achievements are the recoveries of N6,142,645,673.38 (over N6 billion), $8,236,668.75, £13,408.00, €1,730.00, 200 Canadian dollars, CFA374,000.00, and ¥8,430.00 (Japanese Yen).

Source: Legit.ng

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