Stolen fund: FG recovers N126bn

Oluwaseye Tokede

The Federal Government said it has recovered more than N126.5 billion ($10.3bn) in looted cash and assets between May 29, 2015 and May 25, 2016.

The Minister of Information and Culture, Alhaji Lai Mohammed, revealed this in a press statement on Saturday. He disclosed that government was expecting the repatriation of more than $330 million stolen from the public treasury stashed in banks abroad.

The statement which is based on the interim report on the financial and assets recoveries made by the various government agencies from 29 May 2015 to 25 May 2016, did not identify former and current officials accused of looting public funds, though the government had promised to publish them.

It also did not say how much of the money has been returned voluntarily by former officials hoping for forgiveness or a plea bargain.

He said the funds include $583.5 million recovered in cash and $9.7 billion in cash and assets under interim forfeiture including sea-going vessels, buildings and land.

Hundreds of people have been arrested and many court trials are still going on, including that of retired Col. Sambo Dasuki, who was former President Goodluck Jonathan’s national security adviser.

Dasuki was accused of diverting $2.1 billion meant to fight the Boko Haram Islamic insurgency.