IT is a positive development that President Muhammadu Buhari has kept faith with his promise to release details of alleged stolen funds confiscated from some Nigerians. However, government’s non-disclosure of the names of the affected persons, as the President earlier promised, may have fallen short of public expectation.
The President had, on May 14, in London, assured to give details of looted funds recovered by his administration on May 29. But, he did not do so. Legal implications of such an action were cited for the non-disclosure of the names of those involved.
Nonetheless, government’s disclosure of the funds so far recovered by the administration was contained in a statement by the Minister of Information and Culture, Alhaji Lai Mohammed. The report reveals that total recoveries, in both cash and assets between May 29, 2015 and May 25, 2016, was N3.4 trillion.
The minister also said that about N115 billion was being awaited from Switzerland, United Kingdom, United Arab Emirates and the United States. Highlights of the recovered loot showed that cash recovery within the period included over N78bn and varying sums in other currencies, namely $185 million and over £3 million and eleven million Euros. In naira terms, these total about N144.9bn.
Recoveries under interim forfeiture (cash and assets) during the period included N126.5bn, amounting to US$9,090,243,920.15 and £2,484,447.55. Mohammed further said that the interim report on the financial and assets recoveries made by the various government agencies showed that the funds awaiting return from foreign jurisdictions amounted to $321,316,726.1, £6,900,000, and 11,826.11million Euros.
The recovered funds, which fall under four broad categories, are cash recoveries, recoveries under interim forfeiture; funds awaiting return from foreign jurisdictions and non-cash recoveries. Under non-cash recoveries are farmlands, plots of land, completed and uncompleted buildings vehicles and maritime vessels.
In addition, about N39bn was said to have been recovered by the Economic and Financial Crimes Commission (EFCC), which also secured $128,494,076.66 in other currencies. Also, over N5.66bn and $8m were recovered from the ongoing investigation into the Office of the National Security Adviser (ONSA). There were other recoveries involving royalty and tax payments to the Federal Government in JP Morgan Account in New York, USA.
Altogether, the report on the recovered looted funds is good news. But, it is not far-reaching enough. Government, should after resolving whatever legal issues that may be involved, publish the names of the looters. We believe that disclosing the names of those involved would deter others from toeing the evil path in future. Besides, it will lend credibility to government’s anti-corruption war. If that is done, the public will know that the war against graft is on course.
While the recovery of over N3.4 trillion is a laudable effort, the government must ensure that the looters are diligently prosecuted, and appropriate punishment meted to them. Government should keep the tempo in its recovery effort. So far, it has demonstrated transparency.
Government should show proper accountability and transparency of all monies recovered from treasury looters.
We advise government to warehouse the recovered funds in a special account, and properly manage it for the provision of social infrastructure like water, electricity, transportation, healthcare and education in the country.