Sambo says EFCC recovered 11 billion dollars

December 11, 2010 07:52AM

Vice President Namadi Sambo on Friday said the Economic and Financial Crimes Commission (EFCC) had so far convicted 400 persons and recovered 11 billion dollars.

Delivering an address at the 10th anniversary of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Abuja, Sambo said the government was committed to fighting money laundering to a standstill.

The vice president, who was represented by Emmanuel Iheanacho, the Minister of Interior, explained that the country was the first in the West African sub-region to enact an anti-money laundering legislation in 1995.

Mr Sambo stressed that the country was the first in the sub-region to establish a Financial Intelligence Unit (FIU) in 2004.

The vice president stated that the establishment of the anti-graft bodies represented a practical approach to the prevention and control of financial crimes based on international conventions and best practices.

"The government has a zero tolerance policy for corruption and financial crimes and will continue to provide resources to the various anti-graft bodies to carry out their functions optimally," Mr Sambo said.

He said the country was committed to the principles and objectives of the Financial Action Task Force (FATF), adding that the authority would implement the recommendations in the mutual evaluation of the country's financial system.

He urged the development partners and multilateral institutions to continue in their provisions of technical assistance to deal with the multi-faceted problems of transnational crimes.

Mr Sambo said the country was delighted with the efforts of GIABA in the last 10 years to curb the impact of money laundering and terrorism in the sub-region.

According to him, the issues of corruption, money laundering and terrorism financing were a major problem not just within the West African sub-region, adding that it was a global phenomenon.

"The crimes have had adverse impact on regional security and development, including reputational damage to the image of member states,'' Mr Sambo said.

http://234next.com/csp/cms/sites/Next/News/National/5652846-146/sambo_says_efcc_recovered_11_billion.csp

They will soon tell you he is telling lies.

CONGRATULATIONS!

so what next?

so Mr Sambo,good to hear but where is the money?

So what becomes of the recovered looted funds, that is where is the money?

I hear u Sambo.Our roads are all in a deplorable state.Guess u need to channel some in that direction.Guiness road,Agege,Iyana Ipaja,Surulere etc.The list is endless.Power is being handled by GEJ for now.

beeman80:

I hear u Sambo.Our roads are all in a deplorable state.Guess u need to channel some in that direction.Guiness road,Agege,Iyana Ipaja,Surulere etc.The list is endless.Power is being handled by GEJ for now.

So he should bring the money to do lagos roads abi? i didn't know Lagos is the whole of Nigeria.

[size=20pt]So Who Looted the recovered $11billion?[/size][/color][color=#990000][/color][color=#990000][/color][color=#990000][color=#990000][/color]

Good oga Samba, but we prefer to hear how safe the roads are rather than how good the airbags are. I sincerely hope you guys can pursue with greater vigour the soft underbelly of government finances that makes these funds easily accessible for theft and perhaps begin to rope in the conduits through which these monies are stolen. Yes I mean banks. What we have now is a basket, in a leaking bucket, in a leaking drum, very hopeless.

Sambo, Sambo, Keep deceiving yourself

what kinda name is sambo anyway ? isnt that a racial slur ?

Good.
So why are we still seeking foreign loans?
Why is our external reserve down to current levels?
Why are we saying we dont have enough money to fix electricity?
Why are the people still poor?
and sir, can we have a list of those who returned this monies and how much each returned?
Answer this questions and we might believe you Mr Sambo.
Don't blame us for being wary of anything you say, we are just being Nigerians.

We need another "recovery" commission to help recover recovered funds.

GenBuhari:

[size=20pt]So Who Looted the recovered $11billon?[/size][/color][color=#990000][/color][color=#990000][/color][color=#990000][color=#990000][/color]

reindeer:

Good.
So why are we still seeking foreign loans?
Why is our external reserve down to current levels?
Why are we saying we dont have enough money to fix electricity?
Why are the people still poor?
and sir, can we have a list of those who returned this monies and how much each returned?
Answer this questions and we might believe you Mr Sambo.
Don't blame us for being wary of anything you say, we are just being Nigerians.

Gbam
Gbam
Gbamology.


Good questions.

VP Sambo pls tell us what the recovered fund have been used for, and what happened to the corrupt leaders politicians that they recovered this money from. .it is another thing to recover and its another thing to prevent re-occurrence thru punishment.

You guys just exposed yourselves. .pls show us the guys that have been put in prison as a result of the 11billion dollars stolen. .if only 400 people are convicted then thats an average of 4.1billion naira per person 

Rubbish playing cat and mouse games!

These politicians are so insensitive

Restoring AJAOKUTA IRON AND STEEL COMPANY will provide job for the youths of Nig. This is what we're looking forward to, the hope of Nig. Vice President

how do we substantiate,this,Vp sambo.? Have those funds been used to turn around the country,infrastructurally?if those funds have been well utilized ,shouldnt we have noticed a remarkable change viz a viz the delivery of democracy dividends?

So where is all the 11 billlion dollars , at least you can use the money to provide 24 hours electricity, better roads, good schools, univ and so on. This is mouth talk as usual.

Zero tolerance on curruption.?
U r now taking the miky samba sambo.

Princek12:

We need another "recovery" commission to help recover recovered funds.

As well as a new sharing formula. btw when are they sharing it.

where the money they? wait, and the federal government still wanna borrow again.  mtchew political yarns

SO FREAKiNG WAT?
Still in DARKNESS like t"was the 16th century,
Use it to build power stations , WE NEED POWER STUPiD![b][/b]

Zero telerance
Tunde Bakare, Save Nigeria Group, $50,000; Bankole, David Mark, Purchase their official houses

thief carry am, thief catch am,

The money and houses collected by EFCC alway disappear.

I congratulate the anti graft agencies that made this recovery possible, most especially EFCC.
My prayer is that this administration should make prudent use of the funds to benefit Nigerians & ensure proper accountability.

@ALL,Lets not be quick to judge or condemn our leaders cos if you've ever held a leadership role you will understand the complexities.
I'll quickly mention here that, i'm not in support of corruption in any form.

Enough money is now at hand for next year election, dis dude and his partner are just shitting us, nothing good will come out of them if they eventually win next year election.

11 billion isn't an impressive show. What does he expect? A round of applause?

The money was recovered from one account and deposited to another account so nothing for nothing, don't hope to see the money.

That is intresting, but help tell the VP that the money should be proper use and not to be channel to their bank account