Federal Government has recovered $634.3m, €9.614m looted funds in three years, says Malami

The Federal Government has recovered in the last three years $634.3 million and €9.614 million of public funds stolen and hidden abroad by politicians and others, the Attorney General of the Federation (AGF) and Minster of Justice, Abubakar Malami, has said.

Malami, who said the country was expecting the repatriation of another $200 million, explained that the funds were recovered between 2017 and 2020.

The AGF said the recoveries were the result of the anti-corruption efforts of President Muhammadu Buhari’s administration.

In a statement yesterday in Abuja by his media aide, Dr. Umar Gwnadu, the AGF said: “In 2017, the signing of a trilateral agreement with Switzerland and World Bank enabled the recovery of $322.515 million.

“In 2020, a total sum of $311.7 million was returned to Nigeria after signing another trilateral agreement with the U*nited States of America (U.S.A) and Bailiwick of Jersey.

“Also in the Year 2020, €5.4 million was recovered in March, emanating from an agreement signed with Northern Island. The Federal Government was able to recover from the United Kingdom (UK) the sum of €4,214,017.66 connected to the family of James Ibori.

“Additional recoveries to the tune of $200 million are being anticipated subject to the settlement of litigations of which the Ministry of Justice is attending to presently.”

The statement said Malami spoke on Monday in New York, U.S.A, at a public lecture organised by the Centre for Media and Peace Initiative.

The minister, who lauded the various anti-corruption initiatives of the Buhari administration, urged other African countries to emulate Nigeria’s example.

The Senate approved the loans last week.

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