Nigeria’s president, Muhammadu Buhari, facing intense criticism from disaffected Nigerians over the hardship effects of the economy, on Saturday published some details relating to funds traced to and recovered from former corrupt government officials as part of his war against institutionalized corruption.
However, the names of the corrupt officials from whom the assets were recovered were withheld.
According to information obtained from the Federal Ministry of Information, the breakdown of the recoveries showed that the Nigerian government successfully retrieved total cash amount N78,325,354,631.82, $185,119,584.61, £3,508,355.46 and €11, 250 between May 29, 2015 and May 25, 2016.
Also released were recoveries under interim forfeiture, which were a combination of cash and assets, during the same period: N126,563,481,095.43, $9,090,243,920.15, £2,484,447.55 and €303,399.17.
Anticipated repatriation from foreign countries totaled: $321,316,726.1, £6,900,000 and €11,826.11.
The ministry also announced that 239 non-cash recoveries were made during the one-year period.
Non-cash recoveries are includes: farmlands, plots of land, uncompleted buildings, completed buildings, vehicles and maritime vessels, the ministry said.
President Buhari, since May 29, has been faced with intense criticism from the Nigerian public over his failure to fulfill a promise he made on May 14 in London.
Read the Full Report 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
INTERIM REPORT ON FINANCIAL AND ASSET RECOVERIES MADE BY THE FEDERAL GOVERNMENT OF NIGERIA FROM 29 MAY 2015 TO 25 MAY 2016
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 | 529,588,293.47 | |||
| 5 | EFCC Recovered Funds Account in CBN | 19,267,730,359.36 | 455,253.80 | ||
| 6 | ICPC Revenue Collection Recovery in CBN | 869,957,444.89 | |||
| 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 | 2,632,196,271.71 | |||
| 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 | 52,500,000.00 | |||
| 5 | ONSA Funds under interim forfeiture | 27,001,464,125.20 | 43,771,433.73 | ||
| 6 | Value of Assets Recovered by ONSA | 512,000,000.00 | |||
| 7 | ONSA Assets under interim forfeiture | 260,000,000.00 | |||
| 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
Special Advicer to Hon Minister of Information and Culture
Lagos
4 June 2016
