Saturday, 4 June 2016

Federal government finally releases information on looted fund recovery


The Federal Government has released an interim report detailing the asset and cash recoveries made from officials of the immediate past administration in the last one year.
According to the report released by the Ministry of Information and Culture, the government said it has so far made recoveries in cash and assets from treasury looters in the past administration totalling N126,563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million.

The report which was released on Saturday said recoveries were made between May 29, 2015 and May 25, 2016.
The cash recoveries made so far in local currency are: N78,325,354,631.82 (Seventy eight billion, three hundred and twenty-five million).
The foreign currencies are: $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).
And 11, 250 Euros (Eleven thousand, two hundred and fifty Euros) from 29 May 2015 to 25 May 2016.
The statement said this is contained Under Interim Forfeiture (cash and assets) report.
According to the statement, the Funds Awaiting Return From Foreign Jurisdictions total $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).
It showed that Non-Cash Recoveries (Farmlands, Plots of Land, Uncompleted Buildings, Completed Buildings, Vehicles and Maritime Vessels) during the period total 239.

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