News

Big Money: Federal Government Gives Update About Funds Recovered from Looters

Published

7 years ago

January 28, 2017

The President Muhammadu Buhari-led administration has made public the massive funds recovered from corrupt public office holders.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), says the Federal Government has recovered N15 billion and $10.5 million so far in its asset recovery drive.

Malami disclosed this on Thursday in Abuja when the Senate Committee on Judiciary, Human Rights and Legal Matters visited the ministry on its oversight function to appraise the 2016 budget performance of the ministry.

Malami said: “Let me put it on record that the Federal Ministry of Justice has equally significantly recorded success in the recovery drive as it relates to the looted funds.

“In that regard and direction, over N15 billion has been recovered by the ministry and $10.5 million was equally recovered in that direction.”

The minister said that exclusive of the recoveries, the revenue profile of the ministry as at December 31, 2016, was N12.4 million.

Malami said this was generated from sale of journals, renting of part of the headquarters building to commercial entities, use of its conference hall, tender fees and sale of un-serviceable items.

He added that the total expenditure profile of the ministry within the same period was N3.7 billion, including personnel and non-regular allowances.

The chief law officer of the country said that the ministry, by virtue of its mandate, was in a vantage position to articulate and implement the present administration’s broad policy objectives in four major priority areas.

Malami said: “The anti-corruption campaign, the recovery of stolen national assets, the rule of law component of the anti-terrorism war and the institutionalisation of law and order in all aspects of national life.”

On Nigeria’s non-membership of the Financial Action Task Force, Malami explained that it will take the collaboration of both the executive and the legislature to scale all the hurdles.