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APC leaders: Buhari’s administration has recovered N1trn looted funds

APC leaders: Buhari’s administration has recovered N1trn looted funds
September 02
11:56 2021

Some leaders of the All Progressives Congress (APC) say about N1 trillion worth of stolen funds and assets have been recovered by the Buhari administration.

The APC leaders who disclosed this are Lanre Issa-Onilu, former national publicity secretary of the APC; Ismail Ahmed, member of the party’s caretaker/extraordinary convention planning committee, Tolu Ogunlesi, presidential aide, and Salihu Lukman, director-general of the Progressives Governors’ Forum.

According to Daily Trust, in a statement on Thursday, the leaders, who are on an APC legacy awareness and campaign, said high-profile recoveries were made from 2015 to date.

They said the recovered loot is being deployed for use in the government’s special infrastructure and social investment programmes or put into the annual budget.


“High-profile recoveries include the following: $322 million Abacha Loot from the Government of Switzerland; $311 million Abacha Loot from the Bailiwick of Jersey; $100 million recovered by the EFCC for the Nigerian Ports Authority (NPA), from a company operating in the oil and gas sector; 4.2 million pounds sterling of Ibori Loot from the UK Government; 53 billion Naira for the Federal Mortgage Bank of Nigeria (FMBN), from a real estate developer,” the statement reads.

“Others are; $43 million security funds from an apartment in Ikoyi; and 189 billion Naira in ‘restrained’ funds from inflated personnel budgets, following ICPC’s scrutiny of practices, systems and procedures of MDAs’ personnel cost from 2019 to 2020. Billions of Naira in pension funds have been recovered from local and foreign Insurance Companies who have been holding on to assets of the Pension Transitional Arrangement Directorate (PTAD).

“ICPC’s audit of Constituency Projects covering 2015 to 2018 helped recover N2 billion of diverted funds and assets, and also forced about 300 contractors to return to site to complete abandoned or poorly-executed projects.


“In August 2021 the ICPC commenced the third Phase of this Constituency and Executive Projects Tracking Exercise. In 2019 alone, ICPC also recovered N32 billion worth of Land, Buildings and Vehicles.

“In 2021, the EFCC and ICPC have continued their recovery efforts, with billions of Naira in cash assets already recovered, either through Interim or Final Forfeiture Orders.

“Since the President assumed office in 2015, close to a Trillion Naira worth of stolen funds and assets have been recovered in all. All final forfeitures are being deployed for use in the Government’s special Infrastructure and Social Investment Programmes, or put into the annual Budget.

The APC leaders said Buhari will continue to ensure that government funds are safeguarded and put to the most efficient and transparent use for the benefit of the Nigerian people.


“APC is working to rebuild Nigeria after years of neglect and destructions. President Buhari is laying solid and sustainable foundation for Nigeria’s greatness,” they added.


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