Nigeria releases interim report on assets recovered from looters - EazyFeeds

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Saturday, 4 June 2016

Nigeria releases interim report on assets recovered from looters

The  Federal Government on Saturday released the statement below detailing assets recovered from corrupt officials of the past administration.
The names of the officials from whom the assets were recovered were however not disclosed.
Read full statement below.

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 totalled 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


Cash Recoveries

Serial Items                Naira                  US Dollar      GB Pounds Euro
1 EFCC Cash at hand    39,169,911,023.00 128,494,076.66 2,355       11,250

2 Royalty/tax/payment to FGN account in JP Morgan account New York
                                             4,642,958,711.48 40,727,253.65

3 ONSA Funds Recovery Account in CBN
                                             5,665,305,527.41 8,000,000.00

4 VAT recovered from companies by ONSA

5 EFCC Recovered Funds Account in CBN
                                             19,267,730,359.36 455,253.80

6 ICPC Revenue Collection Recovery in CBN
7 Office of the Attorney General
                                             5,500,000,000         5,500,000
8 DSS Recoveries      47,707,000.5         1,943,000.5        3,506,000.46
9 ICPC Cash Asset Recovery
Total                             78,325,354,631.82 185,119,584.61 3,508,355.46  11,250

Recoveries Under Interim Forfeiture
Serial Items                Naira                  US Dollar         GB Pounds  Euro
1 Cash in bank under interim forfeiture
                                               8,281,577,243.92 1,819,866,364.73 3,800.00        113,399.17

2 Amount frozen in bank  48,159,179,518.90 7,131,369,498.49 605,647.55

3 Value of properties under interim forfeiture
                                               41,534,605,998.00 77,844,600.00  1,875,000.00 190,000.00

4 Value of cars under interim forfeiture
5 ONSA Funds under interim forfeiture
                                               27,001,464,125.20 43,771,433.73
6 Value of Assets Recovered by ONSA
7 ONSA Assets under interim forfeiture
8 DSS Recoveries Frozen in Banks
                                               658,929,000.00 226,476.20
9 EFCC Cash in Bank under final forfeiture
                                               103,225,209.41 17,165,547.00
Total                              126,563,481,095.43 9,090,243,920.15 2,484,447.55 303,399.17

Grand Total                      204,888,835,727.25 9,275,363,504.76 5,992,803.01 314,649.17

Funds Awaiting Return From Foreign Jurisdictions

Jurisdiction                US Dollar GB Pounds Euro
1 Switzerland      321000000
2 UK              6900000
3 UAE              310501 11826.11
4 USA              6225.1
Total                      321,316,726.1 6,900,000 11,826.11

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

Segun Adeyemi
SA to Hon Minister of Information and Culture
4 June 2016

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