The Federal Government has finally released the interim report on funds and assets recovered from individuals who looted the nation’s treasury as promised by President Muhammadu Buhari in his Democracy Day broadcast to the nation.
A statement from the office of the Minister Of Information And Culture, Alhaji Lai Mohammed, revealed that the total cash recoveries amounted to 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), $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.
Here is the full statement from the Minister of Information, Alhaji Lai Mohammed.
LOOTING: FG RELEASES INTERIM REPORT ON FINANCIAL, ASSETS RECOVERIES
The Federal Government made cash recoveries totaling 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); $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.
In a statement in Lagos on Saturday, the Minister of Information and Culture, Alhaji Lai Mohammed, also disclosed that Recoveries Under Interim Forfeiture (cash and assets) during the period totaled 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; $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 ).
According to the statement, which is based on the interim report on the financial and assets recoveries made by the various government agencies from 29 May 2015 to 25 May 2016, 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.
The following is the breakdown of the recovered cash and assets:
INTERIM REPORT ON FINANCIAL AND ASSET RECOVERIES MADE BY THE FEDERAL GOVERNMENT OF NIGERIA FROM 29 MAY 2015 TO 25 MAY 2016
Serial Items Naira US Dollar GB Pounds Euro
1 EFCC Cash at hand N39,169,911,023.00; $128,494,076.66 2,355 British Pounds; 11,250 Euros
2 Royalty/tax/payment to FGN account in JP Morgan account New York
3 ONSA Funds Recovery Account in CBN N5,665,305,527.41; $8,000,000.00
4 VAT recovered from companies by ONSA N529,588,293.47
5 EFCC Recovered Funds Account in CBN N19,267,730,359.36 $455,253.80
6 ICPC Revenue Collection Recovery in CBN N869,957,444.89
7 Office of the Attorney General N5,500,000,000; $5,500,000
8 DSS Recoveries N47,707,000.5; $1,943,000.5; 3,506,000.46 GB Pounds
9 ICPC Cash Asset Recovery N2,632,196,271.71
Total N78,325,354,631.82 $185,119,584.61 3,508,355.46 GB Pounds; 11,250 Euros
Recoveries Under Interim Forfeiture
Serial Items Naira US Dollar GB Pounds Euro
1 Cash in bank under interim forfeiture N8,281,577,243.92 $1,819,866,364.73 3,800.00 GB Pounds; 113,399.17 Euros
2 Amount frozen in bank N48,159,179,518.90 $7,131,369,498.49 605,647.55GB Pounds
3 Value of properties under interim forfeiture N41,534,605,998.00 $77,844,600.00 1,875,000.00GB Pounds; 190,000.00 Euros
4 Value of cars under interim forfeiture N52,500,000.00
5 ONSA Funds under interim forfeiture N27,001,464,125.20 $43,771,433.73
6 Value of Assets Recovered by ONSA N512,000,000.00
7 ONSA Assets under interim forfeiture N260,000,000.00
8 DSS Recoveries Frozen in Banks N658,929,000.00 $226,476.20
9 EFCC Cash in Bank under final forfeiture N103,225,209.41 $17,165,547.00
Total N126,563,481,095.43 $9,090,243,920.15 2,484,447.55 GB Pounds 303,399.17 Euro
Grand Total N204,888,835,727.25; $9,275,363,504.76; 5,992,803.01 GB Pounds; 314,649.17 Euro
Funds Awaiting Return From Foreign Jurisdictions
Jurisdiction US Dollar GB Pounds Euro
1 Switzerland $321000000
2 UK 6900000GB Pounds
3 UAE $310501 11826.11Euro
4 USA $6225.1
Total $321,316,726.1; 6,900,000 GB Pounds; 11,826.11 Euro
Non Cash Recoveries
Serial Items Quantity
ICPC EFCC ONSA
1 Farmland 22
2 Plot of Land 4
3 Uncompleted Building 1
4 Completed Building 33 145 4
5 Vehicles 22 3
6 Maritime Vessels 5
Total 82 153 4
Source: The Nation