masterpiece86:
N115bn expected from Switzerland, UK, UAE, US

Abimbola Akosile in Lagos and Olawale Ajimotokan in Abuja

In line with the promise President Muhammadu Buhari made on May 14 in London to give details of looted funds recovered by the administration during the first anniversary of his presidency, the federal government yesterday released an interim report specifying the recovered cash and assets. The report contained in a statement in Lagos by the Minister of Information and Culture, Alhaji Lai Mohammed, said the cash recoveries made between May 29, 2015 and May 25, 2016, including recoveries under interim forfeiture (cash and assets), totalled over N3. 4 trillion. It said about N115 billion was being awaited from the Switzerland, United Kingdom, United Arab Emirates, and the United States.



Cash recovery within the period included 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) and varying sums in other currencies, namely, $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) from 29 May 2015 to 25 May 2016. These total about N144.9 billion.

Recoveries under interim forfeiture (cash and assets) during the period included 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) and the following amounts in other currencies: $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 ). These come to about N3. 3 trillion.

Funds awaiting return from foreign jurisdictions included $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).

The recovered funds and assets were listed under four broad categories, namely, cash recoveries; recoveries under interim forfeiture; funds awaiting return from foreign jurisdictions, and non-cash recoveries.

The report also showed that there were non-cash recoveries (farmlands, plots of land, uncompleted buildings, completed buildings, vehicles and maritime vessels) totalling 239 items.

About N39,169,911,023.00 was recovered through the Economic and Financial Crimes Commission, which also secured $128,494,076.66, £2,355 and 11,250 Euros.

In addition, the sums of N5,665,305,527.41 and $8,000,000.00 were recovered from the on-going searchlight on the Office of the National Security Adviser (ONSA), while the loots recovered by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and lodged with CBN were put at N2,632,196,271.71. Also N47.7 million, $1.94 million and £3.50 million in cash were recovered through the Department of State Services (DSS).

Under the report, cash recoveries involving royalty and tax payments to the federal government in JP Morgan account in New York was put at N4,642,958,711.48 (four billion, six hundred and forty-two million, nine hundred and fifty-eight thousand, seven hundred and 11 naira, forty-eight kobo), and $40,727,253.65 (forty million, seven hundred and twenty-seven thousand, two hundred and fifty-three dollars, sixty-five cents).

The office of the Attorney-General of the Federation also recovered N5,500,000,000 (five billion, five hundred million naira) and $5,500,000 (five million, five hundred thousand dollars) in cash.

Buhari had said in an interview during the global anticorruption summit in London, “So far, what has come out, what has been recovered in whatever currency from each ministries, departments and individuals, I intend on the 29th to speak on this because all Nigerians are getting from the mass media because of the number of people arrested either by the EFCC, DSS. But we want to make a comprehensive report on the 29th.”

The president faced widespread criticism when in his Democracy Day speech on May 29 he failed to disclose the recovered funds as promised.

http://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/

overall90:


the APC led government thrives on propaganda and sensationalism as you put it.the idea behind this expose is to hoodwink Nigerians into believing that such amount was stolen and has been recovered .even international media outlets are reporting it like that.

buharifraud:

Feasibility studies. Look at this clown. Have you not noticed that your ministers and the FG have lost enthusiasm and hope. They are clueless on what to do, they have no money to even guess what to do, and are not even sure of what should be done. Don't worry, keep on fooling yourself, abi we are in this country.

masterpiece86:
This guy's have no conscience. About half of this year's budget criminally stolen away, what will life owe to our children if this had continue unabated and unchecked...??


#May God continue to expose them one after the other, they shall know no peace anywhere they go.....!!

buharifraud:
Utter nonsense. Fictitious figures splashed on the pages of newspapers with no real evidence. This government thinks every nigerian is a phool. You have recovered this much money, and yet you were going from country to country to beg like a dog. And after they all turned you down, you then placed a fuel tax on Nigerians. Keep on fooling yourselves and the pathetic Yorubas. In 2019, you will see wehn.

obailala:
No I believe it was very clear to anyone from the original report released yesterday that the bulk of the money is just frozen funds belonging to suspects (interim forfeitures); the press release by Lai yesterday explicitly explained that only N78bn is the confirmed recovery. That the media decides to give sensational headlines today, or that Nigerians (both educated and uneducated) have refused to put their basic comprehension skills to use, I think anyone who doesnt comprehend the simple message only has himself/herself to blame.

mecussey:



I cant find this money any anywhere in Nigeria, the TSA is empty and we have not aquired any new asset. I hope they use it judiciousley even if na only to generate 100mw of electricity

mecussey:



I cant find this money any anywhere in Nigeria, the TSA is empty and we have not aquired any new asset. I hope they use it judiciousley even if na only to generate 100mw of electricity

eleojo23:


OK. Thank you for the explanation.
Let's keep watching to see how the monies will be utilized.

Don't blame me for having my doubts. These guys are used to double speaking that we don't know what to believe anymore. They may come out to disown the figures later.

By the way, long time.

mandax:


What promise is Buhari keeping?

One of his genuine promises is to make one Naira equal to one Dollar.

Recovery of money made by previous administration but stolen by politicians is not fulfilling his promise.

STPEACE10:
Patiently Waiting For Mr Lia Mohammed statement on this.

buharifraud:
Utter nonsense. Fictitious figures splashed on the pages of newspapers with no real evidence. This government thinks every nigerian is a phool. You have recovered this much money, and yet you were going from country to country to beg like a dog. And after they all turned you down, you then placed a fuel tax on Nigerians. Keep on fooling yourselves and the pathetic Yorubas. In 2019, you will see wehn.

OdiriEboh:



It will take time before the money would be used...

amaechi1:

N78 billion niara is not 78 kobo. That is a whole lot money and big achievement. All over recovery of stolen assets is huge task.

xquire:
Just once again, wen I tot APC is about get it right with dis anti-corruption war by givin us a concrete result, they come up once again wit a spined unrealistic figure to further decimate and stir up anger against the opposition party!..it's obvious that for APC campaign is not yet over, let's say the figure's genuine...dat means we have 3.4t returned loots, 3t TSA returns, 3t frm FIRS and 10-14 Billion a day frm crude oil(dats 5t in one yr) = 14t and we are still broke? C'mon who's fooling who is dis country? I pray for PMB to succeed (cos if he doesn't we will all bear d brunt irrespective of our tribe or political affiliation ) alas! He's yet surrounded by dsame scavengers dat put us in dis mess in the first place!..be wise n Pray for Naija becos our saviour is yet to come!

emiwanlee:
How are these figures fact, when we know that this government is about to kill us with lies

ArmedRobber:
Jesus..
Why economy no go crash.
E no go better for anybody wey dey support PDP..
And recovering of loots still going on,by the time dem finish.. E go reach 6trillion money for budget

masterpiece86:
This guy's have no conscience. About half of this year's budget criminally stolen away, what will life owe to our children if this had continue unabated and unchecked...??


#May God continue to expose them one after the other, they shall know no peace anywhere they go.....!!

buharifraud:
Utter nonsense. Fictitious figures splashed on the pages of newspapers with no real evidence. This government thinks every nigerian is a phool. You have recovered this much money, and yet you were going from country to country to beg like a dog. And after they all turned you down, you then placed a fuel tax on Nigerians. Keep on fooling yourselves and the pathetic Yorubas. In 2019, you will see wehn.

obailala:
A simple question, did you bother reading the report?.... or like most others you just read the title and proceeded to comment?