FEDERAL GOVERNMENT PROMISES PROPER DOCUMENTATION, UTILIZATION OF RECOVERED LOOTED FUNDS

The Federal Government has said recovered looted funds are being paid into dedicated accounts with the Central Bank of Nigeria, CBN.

Media reports had earlier revealed discrepancies in the figures released to the media by Acting Chairman, Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, and Minister of Finance, Kemi Adeosun, which raised suspicions over the whereabouts of the recovered funds.

Magu had announced 739 billion naira as the amount recovered in the first two years of his service, while Adeosun said records available to the Office of the Accountant-General of the Federation, had only 91.4 billion naira as amount recovered since 2015.

She, consequently, requested the EFCC to clarify where the cash recoveries were deposited, with documentary evidence.

Meanwhile, Special Assistant to the President on Justice Reform, Juliet Ibekaku, said in Abuja that all stolen public funds recovered so far were paid into special asset recovery accounts with the CBN, which in turn transfered such funds into the Federation Account, from where they had been utilised to fund the budget since last year.

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