FG releases interim report on recovered funds, assets

Lai Mohammed, Minister of Information.

Lai Mohammed, Minister of Information.

The Federal Government on Saturday announced the  recovery of over N78.3 billion, $185.1 million, £3.5 million and 11. 2million Euros from looted funds between May 29, 2015, and May 25.

But the report did not mention from whom the funds were recovered.

The revelation is contained in a statement issued in Lagos by the Minister of Information and Culture, Alhaji Lai Mohammed.

The minister said that the statement was based on the interim report on the financial and assets recoveries made by the various government agencies.

Mohammed also disclosed that recoveries under interim forfeiture (cash and assets) during the period totaled over N126.6 billion, 9.09 billion dollars, 2.5 million pounds and 303,399.17 Euros.

He said that funds awaiting return from foreign jurisdictions totaled over 321.3 million dollars, 6.9 million pounds and 11,826.11 Euros.

The minister disclosed that 239 assets, including farmlands, plots of land, uncompleted buildings, completed buildings, vehicles and maritime vessels were recovered during the period.

  • Ik-212

    “It could be that nobody returned any money and the Federal Government
    is afraid that if it calls out names, such people would say they didn’t
    return any money.”

  • Ubong Richard

    We are used to this folk song about looted funds been returned from foreign banks to the country but we never heard how the money was used. Just like Dasuki Loot saga. I hope the tyrants we have as leaders don’t split these funds among themselves. If they do, they will be like armed men stealing from thieves.

  • Awolusi Olawumi Dele

    Just because of N78 Billion +, we destroyed over $78 Billion. This is
    something we could still achieved without making too much noise and
    propaganda. It will take Nigeria overt 40 years b4 we can get to where
    South Africa is today. For example…Nigeria Budget of N6.04 Trillion
    (about $30 Billion) is X3 of what South Africa generated from Value
    added tax alone last year ($95 Billion). Even Ethiopia generated about
    $60 Billion from VAT alone…..Unfortunately, Nigeria (the giant of
    Africa) generated Mere $24 Billion…What a pity for ‘Mr. Giant of

  • Musa Muhammed

    Lie Mohammed, is that all? Anyway, now I believe that you people don’t have any other thing to act on, but I promise APC that is the end of their story.
    Then, watch and see the outcome of their story in the next 6months.

  • omibiga

    Really? How much did they recover from themselves for forcing Nigerians to ‘subsidize’ the APC military government through the purchase of petrol at more than double the actual cost of the product? Or isn’t that looting by this government? I tell you, if I was contracted to recover so-called looted funds for the government, I certainly would have recovered this amount a hundred times over. What an insult to Nigerians! This is the actual ‘fantastically corrupt’ government.

  • Ikorodua

    This is only the top of the iceberg:- the APC military government can be delusional about our intelligence: this silent whisper would not erase Nigeria from the notorious list of FANTASTICALLY CORRUPT countries in the globe. Infact, it’ll enhance our position as the top in the list. APC military are protecting the EPICENTRE of corruption in Nigeria: the corrupt OIL BLOCK OWNERS, period

  • akin

    Nigerians will appreciate if names of the looters & amount recovered from them are announced so that the citizens will know who to trust among our politicians.