TheCable

Abubakar Malami, attorney-general of the federation and minister of justice, says the federal government has recovered over $700 million looted funds in the past four years.

He said this on Tuesday at the international conference on illicit financial flows (IFFs) and asset recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Malami said developing countries in Africa lose over $148 billion to corruption annually partly due to IFFs.

“Nigeria, through proactive and collaborative efforts with other countries, has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years,” he said.

“We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”

The AGF, who was represented by Juliet Ibekaku-Nwagwu, senior special adviser to the president on justice sector reforms, lamented that the illicit movement of huge funds out of Africa has resulted in underdevelopment and insecurity.

“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries,” he added.

On Tuesday, Malami announced that the UK returned £4.2 million linked to James Ibori, former Delta state governor, and his associates.

The minister, through his spokesperson, had also told TheCable that the federal government is working towards securing the repatriation of more than £80 million linked to Ibori.