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Malami: We have recovered N200bn stolen funds

Malami: We have recovered N200bn stolen funds
November 08
11:59 2019
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Abubakar Malami, attorney-general of the federation (AGF), says the federal government has recovered N200 billion stolen funds since its fight against corruption.

Malami said this on Thursday in Abuja at a town-hall meeting organised by the ministry of information and culture.

Represented by Abiodun Ayodeji, special adviser to the president on financial crimes, the attorney-general said part of the recovered sum is $325 million from the late Sani Abacha, and $75 million from the failed Malabu oil deal.

According to him, the country earned about $650 billion in revenue but the funds were either stolen or mismanaged.

“We have recovered in excess of N200 billion in final forfeiture and there are recoveries still in the interim that cannot be dealt with,” he said.

“The money we have earned for the federal government in the process of the anti-corruption war is in excess of N200 billion.

“Notable among the recoveries is the 325 million dollars Abacha loot and 75 million dollars connected to the Malabu oil transaction.”

Speaking at the event, Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), said the agency has secured 890 convictions between January and October.

Magu also said the EFCC secured 805 convictions between 2016 and 2018.

“Asset recovery is key in denying the corrupt the enjoyment of the proceeds of his/her crime,” he said.

“It also affords the country the opportunity to channel recovered funds into national development.”

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