FG Releases Interim Report On Recovered Funds

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In keeping with its promise to give account of recovered funds from looters in the ongoing anti-corruption crusade, the Federal Government on Saturday released a breakdown of properties and other items recovered from public servants.

In a statement, the Minister of Information, Culture and Tourism, Alhaji Lai Mohammed, said the report covers recoveries made between May 29, 2015 and May 25, 2016.

 

The government gave the breakdown of the loot as N78, 325,354,631.82; $185,119,584.61; £3,508,355.46 and €11, 250.

 

A conversion of the funds using the official exchange rate of the Central Bank of Nigeria, the amount adds up to N115,792,760,499.

See Also: I Pity Lai Mohammed – Buhari

Alh. Mohammed added that a separate amount of cash and assets worth over N2tn had also been seized. However, the properties and cash are under legal contention.

 

The assets and cash seized under interim forfeiture totaled: $9bn, N126bn, £2.4m and €303,399.

 

A conversion of the worth of assets and cash seized based on the official CBN exchange rate totalled: 1,918,113,864,063.



 

The government added that funds awaiting return from foreign Jurisdictions total $321,316,726.1; £6,900,000 and €11,826.11.

Though the report does not go as far as mentioning the names of the alleged culprits as earlier anticipated, it still makes for interesting reading.

The table below shows a more graphic illustration:

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
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

 

Recovered funds 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  
Total 82 153 4
       

 

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