Looters return N78billion, $185m, £3 million to FG

•Why govt didn’t name and shame culprits

N126b, $9m forfeited pending trial of suspects
•$321m, $6.9m expected from abroad
•Interim report on financial, assets recoveries released

The Federal Government’s anti-graft war is truly on. Three hundred and seventy-one days into its tenure, much of which it spent chasing looted funds and the perpetrators, government yesterday said it had recovered 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); $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) of the money.

A separate 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 was temporarily seized pending the conclusion of corruption related cases.

Also in this category of Recoveries Under Interim Forfeiture (cash and assets) are: $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 ) seized from suspects facing trial or under investigation.


Information and Culture Minster Lai Mohammed said in a statement in Lagos yesterday that the government’s action “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.”

More funds are also being expected from abroad.

These are stolen monies stashed in foreign banks by corrupt government officials.

They are tagged ‘Funds awaiting return from foreign jurisdictions’.

Mohammed put the figures at: $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).

Non-Cash Recoveries (Farmlands, Plots of Land, Uncompleted Buildings, Completed Buildings, Vehicles and Maritime Vessels) recovered by government in the last one year total 239.

The war against corruption forms a key aspect of the policies of the Buhari Administration.

President Muhammadu Buhari had promised, during his trip to Britain last month to take part in a global summit on corruption, that government would publish details of cash recovered from looters by government to enable Nigerians know the extent of graft in the system.