Federal government have recovered N200b - Naija news now

Federal government have recovered N200b

Abubakar Malami (SAN), The Attorney General of the Federation and Minister of Justice, says the Federal Government has so far recovered in excess of N200 billion in final forfeiture in its anti-corruption fight.

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The minister, who was represented by Mr Abiodun Ayodeji, Special Adviser to the President on Financial Crimes, disclosed this on Thursday in Abuja at a Special Town Hall Meeting on “Fight Against Corruption”, organised by the Ministry of Information and Culture and stated further that there were other recoveries that were still in the interim.

“We have recovered in excess of 200 billion in final forfeiture and there are recoveries still in the interim than cannot be dealt with.

“The money we have earned for the federal government in the process of the anti-corruption war is in the excess of N200 billion.

“Notable among the recoveries is the 325 million dollar Abacha loot and 75 million dollar connected to the Malabu oil transaction,’’ he said.

The minister further stated that the recovery was significant considering the effects of corruption on the country.

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“Nigeria has earned in excess of 650 billion dollar from oil in revenue but bulk of the funds is either stolen or mismanaged.

“NEITI recently said that in the last 10 years, 40 billion dollar was stolen due to oil theft alone.

“These have left us with infrastructure that is grossly inadequate to support modern economy.

“It is, therefore, so real that if we do not kill corruption, the menace will kill us, hence the administration is focusing on war against corruption,’’ he said.


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