Why Buhari Can’t Spend Recovered Loots Yet

President Muhammadu Buhari

*President Muhammadu Buhari cannot touch the recovered loots because of legal issues*Federal Government says has set up an account for the stolen funds*Presidency revealed that the loots will be spent on infrastructure
Despite recovering stolen Nigerian money, President Muhammadu Buhari might not be able to spend the monies on urgent needs of the country, the chairman Presidential Advisory Committee Against Corruption, Prof. Itse Sagay has revealed.

Naij News report continues:

Speaking with Punch newspaper, the Professor of law said the Federal Government has set up an account for the stolen funds.

“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,” Professor Sagay said.

He added that the decision not to name looters was made in a bid to encourage others, who had stolen, to return money.

“The way I see it, it is more political than legal. It is not party politics but about conduct. I believe the government feels that if you name names, those who are about to come out and also bring out whatever has been looted, would withdraw.

“On the legal side, I don’t see the problem that is being talked about because once a person is going to be charged to court for corruption or illegally acquiring resources, there is no liability in announcing it.

“After all, we have been seeing the names of all those accused and charged. So, the main reason is to encourage others, who are still hiding their loot and speculating what to do, to come out and hand over the loot so that the country can recover more of what has been stolen.”

Speaking further, he said the decision not to name looters might also have been in a bid not to embarrass some Nigerians who received government funds without knowing that the money was for arms or that the money was stolen.

“There are some people who actually received those assets and money without knowing that it was stolen or whose knowledge of the source would be very difficult to establish.

“So, if you are in a situation, where you thought your political party had raised money legitimately and you were given an amount for the purpose of campaign, then you may have a strong case against any criminal charge like the newspapers, who have received money, but you may be willing to return the money having found out that it was illegitimately acquired.”

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

Meanwhile, Presidency has revealed that the recovered loots will be spent on infrastructure.

According to the special adviser to the President on media and publicity, Mr Femi Adesina, “The President said it sometimes ago in Kaduna that recovered money would be spent on the development of infrastructure. The infrastructure includes roads and railways among others,” he said.

Mr Adesina added: “Nigerians can be assured that the money would be spent transparently and judiciously. They have nothing to fear.

“These funds would be spent to better the lives of Nigerians; this is what this government is committed to.”

Recall that the Muhammadu Buhari-led government revealed that N78, 325,354,631.82; US$185,119,584.61; £3,508,355.46 and €11, 250 had been recovered from alleged looters.

According to the FG, the funds were 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.