FG creates special account for recovered loots

FG creates special account for recovered loots

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay, has said a special account has been created for the stolen funds it recovered in the last one year.

The federal government had revealed that over N115.

7bn had been recovered from alleged looters, using the official exchange rate of the Central Bank of Nigeria.

The funds were said to have been recovered separately by the Economic and Financial Crimes Commission, the Office of the Attorney-General of the Federation; Independent Corrupt Practices and other related Offences Commission and the Department of State Services.

The committee chairman, however, informed that the N1.9tn in cash and assets, which had been frozen by the Federal Government, were still under legal contention and thus could not be touched.

In his words, “Regarding the funds frozen under the interim forfeiture, the Federal Government can’t touch it for now because certain cases have not been concluded and the forfeiture is interim because technically, the court can order the release to the owners if the occasion demands it but if it goes the other way, there will be a permanent forfeiture order and that is when the properties would accrue to the government and would therefore be used for the benefit of Nigerians.”

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