FG ‘recovers’ N18bn looted funds

Abubakar Malami, attorney-general of the federation (AGF) and minister of justice, says the federal government has recovered N15 billion and $10.5 million so far in its asset recovery drive.

Malami disclosed this on Thursday in Abuja when the senate committee on judiciary, human rights and legal matters visited the ministry to appraise the 2016 budget performance.

“Let me put it on record that the federal ministry of justice has equally significantly recorded success in the recovery drive as it relates to the looted funds,” he said.

“In that regard and direction, over N15 billion has been recovered by the ministry and $10.5 million was equally recovered in that direction.”

Malami said exclusive of the recoveries, the revenue profile of the ministry as of December 31, 2016, was N12.4 million.

He said this was generated from sale of journals, renting of part of the headquarters building to commercial entities, use of its conference hall, tender fees and sale of un-serviceable items.

He added that the total expenditure profile of the ministry within the same period was N3.7 billion, including personnel and non-regular allowances.

The chief law officer of the country said the ministry, by virtue of its mandate, was in a vantage position to articulate and implement the present administration’s broad policy objectives in four major priority areas.

“The anti-corruption campaign, the recovery of stolen national assets, the rule of law component of the anti-terrorism war and the institutionalisation of law and order in all aspects of national life,’’ he said.

On Nigeria’s non-membership of the Financial Action Task Force (FATF), Malami explained that it will take the collaboration of both the executive and the legislature to scale all the hurdles.

“Among some of the demands required to become a member are the passing of the money laundering Act, Proceeds of Crime Act and Autonomy of the Financial Task Force,” he said.

“All these bills are still pending before the legislature and have not been passed, so we need to work together to get Nigeria registered.”

David Umaru, chairman of the committee, said the 2016 budget was fraught with challenges but noted that the ministry and its parastatals was able to make judicious use of it.

He said the committee was not oblivious of the recent economic challenges in the country and was already preparing for the 2017 budget defence.

Umaru said the committee would work in consultation with the executive, particularly the justice ministry, to ensure that the budget was passed so as to address the economic situation.

He added that the committee was also working to ensure that all bills necessary to make the work of the ministry and its parastatals easier were being looked into with a view to passing them soon.

Chukwuka Utazi, a member of the committee, lamented Nigeria’s non-membership of the Financial Action Task Force (FATF).

Utazi said if the country had real interest in the fight against corruption, membership of the organisation will facilitate the recovery of stolen assets.

“Nigeria is not a member of FATF, this is a very important membership which we have not yet got and this can help us recover stolen assets since it is one of its core mandates,” he said.

He lamented that office of the attorney-general always put in applications for membership every year but failed to follow it through.

The lawmaker said the shuttle diplomacy Nigeria was engaging in would not yield much without a membership of the FATF, as no other member would give Nigeria support unless it was registered.

A total of N3.9 billion was appropriated for the main ministry in the 2016 budget, with overhead cost taking over N1.7 billion.


Source: The Cable

What We Do With Recovered Looted Funds– EFCC

The Economic and Financial Crimes Commission, EFCC, says all looted funds recovered by it are paid into the consolidated revenue account of the Federal Government.

The commission made this known on its Twitter handle, @officialefcc in response to a question from one of its followers.

In a tweet to the commission through the handle @asantoo11a, the follower had asked; “When are we sharing our recovered looted money’’.

“Recovered funds are paid into the consolidated revenue account of the Federal Government,’’ it tweeted in reply.

Some Nigerians have raised questions about where crime proceeds recovered by the commission are kept.

The EFCC also said there was no hiding place for looters, including those who travel abroad to evade the arm of the law.

“Our network of partners includes the FBI (Federal Bureau of Investigation) and other international law enforcement agencies.

“Perpetrators cannot hide forever. Send a petition,” it said in response to an enquiry by one Biyi Soremekun.

Using the handle @adebiyie200, Soremekun asked what would happen in a situation where an individual travels out of the country after perpetrating fraud.

“What happens in a situation where someone defrauds you through issuance of dud cheques or falsification of land documents and leaves the country before you realise it”?

The commission advised victims and members of the general public to forward their petitions through its offices nearest to them, adding that they could do so anonymously.

Credit: NAN

Why FG Withheld Names Of Looters – Osinbajo

Releasing the names of persons from whom the Federal Government recovered looted funds and assets may jeopardize ongoing investigations, the Vice President Yemi Osinbajo, has said.


Though the government at the weekend released a list of sums of money and assets already recovered in the last one year, names of individuals involved were not included. “We have released the list of recovered loot, we know people are asking for the names, but releasing the names may jeopardize ongoing investigations,” the Vice President said yesterday, at the Presidential Villa during a meeting with a delegation of the European Union led by the EU Ambassador in Nigeria, Mr. Michel Arrion.


Osinbajo According to a press release by his Senior Special Assistant, Media and Publicity Laolu Akande, the Vice President also explained that the federal government is engaging leaders and people of the Niger Delta regarding the spate of attacks on oil installations in the area, an act he stated amounts to economic sabotage. But besides reaching out to the people in the area,


But besides reaching out to the people in the area, government is also beefing up security, he said. According to him, the focus of the Buhari presidency “is to ensure that the man on the street in the Niger Delta receives the benefit from all that is available there,” while calling on the leaders in the region to be accountable to the people. Prof. Osinbajo added that government is working round the clock to minimize the losses arising from the attacks, adding that “we are talking, we are ensuring that we minimize losses and we are stepping up security. We are also engaging the international oil companies, IOCs, to see what options exists.” On economic issues, the Vice President restated government’s commitment to drive its diversification policy and encouraged investors from European countries to take advantage of the situation especially in the agro-allied/processing industry.


He restated the administration’s resolve to ensure that the ease of doing business ranking in Nigeria goes up by at least 20 steps in the World Bank rating. To this end, he said the President has approved the composition of a Presidential Commission on the matter to be chaired by himself, the VP, and Industry, Trade & Investment Minister, Dr. Okey Enelamah, as Vice Chairman. “In the next few months, we should be seeing some changes,” he promised. Earlier, Ambassador Arrion said he came to hold consultations with the Vice President as a follow-up on President Buhari’s meeting with EU leaders during his visit to the continent, adding that “Nigeria has a huge market we can invest in. It is also a place we can export from.”

Credit: Vanguard

Buhari Reveals Where Looted Funds Will Be Channeled To

President Muhammadu Buhari assured officials of the Ministry of Women Affairs that part of the money his administration would recover from looters would be used to fund the ministry. He gave the assurance when ?the  Permanent Secretary, Ezekiel Oyemomi, led officials of the ministry to brief ?the President on its activities and challenges at the Presidential Villa, Abuja.

He assured that the resettlement and comfort of Internally Displaced Persons (IDPs) remains a top priority of his administration.

This is even as the President said no amount of intrigues would make him relent in the war against corruption.

Oyemomi  told State House correspondents that they briefed Buhari on all its activities at the end of which he realized that his ministry was demanding.

He said, “when you look at what the ministry is set up to do, we cut across 70 per cent of the population dealing with the issues of women, children, the vulnerable, people with disabilities, the distressed, distressed families and the lot.

“He (the President) gave his word that once government can recover some funds, he will make sure that such are introduced into boosting the budget of the ministry so that we can be well-funded, especially on areas of empowerment, empowering all the stakeholder groups.”

Read More: sunnewsonline

Recover All Looted Funds – UPP Tells Buhari

The President-elect, General Muhammadu Buhari, has been called upon to recover all looted public funds to kick-start a fresh economic reform.

Making the call Monday, the National Chairman of the United Progressives Party, Chief Chekwas Okorie, also asked the incoming administration to declare a state of emergency in the power sector.

Okorie made the call when he led a delegation of the party’s executive on a courtesy visit to Buhari at the Defence House, Abuja.

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