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Corruption- Federal Government Recovers up to N200bn in Forfeiture

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FG recovers $75m linked to the Malabu oil transaction and $325m which is part of Abacha’s
loot

The Minister of Justice, as well as the Attorney General of the Federation, Abubakar Malami {SAN}, said on Thursday that the FG has presently recovered N200 billion above the final Malabu forfeiture.

This information was stated by the Minister of Justice during the fight against corruption meeting held at Abuja Special Townhall, which the Ministry of Information and Culture organized.

The Special Adviser to the President on Financial Crimes Mr Abiodun Ayodeji represented the Minister. According to the representative, they have made other recoveries as well, although those are still in the Interim.

He also said that they had recovered so much money more than N200 billion for the Federal Government in their fight against corruption.

Included in the monies recovered are $75 million linked to the Malabu oil business and $325 million from Abacha loot. The minister said recovering such amount of money is significant if you consider the level of corruption within the country.

The Minister’s speech continued to say that the country has earned more than $650 from oil revenue alone. However, the bulk of the money is either mismanaged or stolen.

Recently, NEITI reported that for the past 10 years, $40 billion was lost as a result of oil theft. Thus, it has resulted in inadequate infrastructure, which is supporting the modern economy.

The Solution

According to his speech, corruption in the country is very real, and the menace alone can wither Nigeria. That is if the crime is not eliminated. That is the reason for the present Administration’s anti-corruption war.

According to Malami, their success is due to the Nigerian Anti-Corruption Strategy, which the ministry set up, and the Federal Executive Council endorsed it in July 2017.

Also, they implemented the strategy based on corruption prevention, sanction enforcement, public enlightenment, recovery of the stolen fund, and the Ethical Reorientation Campaign.

According to Malami also, they were able to prevent corruption in the Country by their deliberate policy implementation such as; Treasury Single Account, Integrated Payroll and Personnel Information System, and BVN for the banking system.

Through these policies, the government can execute sanctions against all the persons who have political exposure and are hitherto, untouchable.

On the same vein, Muhammed Isah, who is the Code of Conduct Bureau Chairman, stated that since November 2018 until now, the Bureau has investigated up to 160 cases related to corruption that worth N40 million. Among the 160 cases they investigated, they have filled 75 of them to the Code of Conduct Tribunal waiting for trial. Isah also noted that among the 14 codes of conduct, the most popular is the Asset Declaration.

 

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