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FG releases report on recovered looted funds and assets

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The Federal Government has released details of the interim report on financial and assets recovered from May 2015 to May 2016.

In a statement in Lagos on Saturday, the Minister of Information and Culture, Alhaji Lai Mohammed disclosed that N78,325,354,631.82 (Seventy eight billion, three hundred and twenty-five million, three hundred and fifty-four thousand, six hundred and thirty one Naira and eighty two kobo) was recovered by its agencies.

Other recoveries included $185,119,584.61 (One hundred and eight five million, one hundred and nineteen thousand, five hundred and eighty four US dollars, sixty one cents); 3,508,355.46 Pounds Sterling (Three million, five hundred and eight thousand, three hundred and fifty-five Pounds and 46 Pence) and 11, 250 Euros (Eleven thousand, two hundred and fifty Euros).

Recoveries Under Interim Forfeiture (cash and assets) during the period totaled N126,563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million, four hundred and eighty one thousand, and ninety five Naira, forty three Kobo; $9,090,243,920.15 (Nine billion, ninety million, two hundred and forty three thousand, nine hundred and twenty Dollars, fifteen cents; 2,484,447.55 Pounds Sterling (Two million, four hundred and eighty four thousand, four hundred and forty seven Pounds, fifty five Pence) and 303,399.17 Euros (Three hundred and three thousand, three hundred and ninety-nine Euros, 17 cents ).

According to the statement, the Funds Awaiting Return From Foreign Jurisdictions total $321,316,726.1 (Three hundred and twenty one million, three hundred and sixteen thousand, seven hundred and twenty six Dollars, one cent); 6,900,000 Pounds (Six million, nine hundred thousand Pounds) and 11,826.11 Euros (Eleven thousand, eight hundred and twenty six Euros, 11 cents).

It showed that Non-Cash Recoveries (Farmlands, Plots of Land, Uncompleted Buildings, Completed Buildings, Vehicles and Maritime Vessels) during the period total 239.

The following is the breakdown of the recovered cash and assets:

INTERIM REPORT ON FINANCIAL AND ASSET RECOVERIES MADE BY THE FEDERAL GOVERNMENT OF NIGERIA FROM 29 MAY 2015 TO 25 MAY 2016

Cash Recoveries

Serial Items Naira US Dollar GB Pounds Euro

1 EFCC Cash at hand 39,169,911,023.00 128,494,076.66 2,355 11,250
2 Royalty/tax/payment to FGN account in JP Morgan account New York 4,642,958,711.48 40,727,253.65
3 ONSA Funds Recovery Account in CBN 5,665,305,527.41 8,000,000.00
4 VAT recovered from companies by ONSA 529,588,293.47
5 EFCC Recovered Funds Account in CBN 19,267,730,359.36 455,253.80
6 ICPC Revenue Collection Recovery in CBN 869,957,444.89
7 Office of the Attorney General 5,500,000,000 5,500,000
8 DSS Recoveries 47,707,000.5 1,943,000.5 3,506,000.46
9 ICPC Cash Asset Recovery 2,632,196,271.71
Total 78,325,354,631. 82 185,119,584. 61 3,508,355.46 11,250

Recoveries Under Interim Forfeiture

Serial Items Naira US Dollar GB Pounds Euro

1 Cash in bank under interim forfeiture 8,281,577,243.92 1,819,866,364.73 3,800.00 113,399.17
2 Amount frozen in bank 48,159,179,518.90 7,131,369,498.49 605,647.55
3 Value of properties under interim forfeiture 41,534,605,998.00 77,844,600.00 1,875,000.00 190,000.00
4 Value of cars under interim forfeiture 52,500,000.00
5 ONSA Funds under interim forfeiture 27,001,464,125.20 43,771,433.73
6 Value of Assets Recovered by ONSA 512,000,000.00
7 ONSA Assets under interim forfeiture 260,000,000.00
8 DSS Recoveries Frozen in Banks 658,929,000.00 226,476.20
9 EFCC Cash in Bank under final forfeiture 103,225,209.41 17,165,547.00
Total 126,563,481,095.43 9,090,243,920.15 2,484,447.55 303,399.17
Grand Total 204,888,835,727.25 9,275,363,504.76 5,992,803.01 314,649.17
Funds Awaiting Return From Foreign Jurisdictions
Jurisdiction US Dollar GB Pounds Euro
1 Switzerland 321000000
2 UK 6900000
3 UAE 310501 11826.11
4 USA 6225.1
Total 321,316,726.1 6,900,000 11,826.11
Non Cash Recoveries
Serial Items Quantity
ICPC EFCC ONSA
1 Farmland 22
2 Plot of Land 4
3 Uncompleted Building 1
4 Completed Building 33 145 4
5 Vehicles 22 3
6 Maritime Vessels 5

FG releases report on recovered looted funds and assets

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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153 comments

  1. I was expecting to see the name of the looters. Or are they ghost? Nigeria and wonders.

  2. Who loot all dis money? Abi d money develope wings n fly away?

  3. This is not a concrete report. Tell us d names of d looters.

  4. Nothing was released except bunch of lies as usual.

  5. ,apc still dwells in this business of old men lies. Disgusting

  6. Old old faces everywhere.

  7. Please name and shame the looters. Am tired of this gimmicks.

  8. Why is it that people always seems to be more critic, pessimistic and sentimentally bias when commenting on critically based national issues? Weighing everything on religious,regional and ethnic basis couldn’t have us progress. May the Almighty intervene!

  9. Fallacy lie mohammed it shall never be well with you forever for lying to Nigeria nkakwu

  10. Dis man always do mouth as if he wnt to cry.must u talk