₦airaland Forum

Despite recovering stolen Nigerian money, President Muhammadu Buhari might not be able to spend the monies on urgent needs of the country, the chairman Presidential Advisory Committee Against Corruption, Prof. Itse Sagay has revealed.

Speaking with Punch newspaper, the Professor of law said the Federal Government has set up an account for the stolen funds.

“Regarding the funds frozen under the interim forfeiture, the Federal Government can’t touch it for now because certain cases have not been concluded and the forfeiture is interim because technically, the court can order the release to the owners if the occasion demands it but if it goes the other way, there will be a permanent forfeiture order and that is when the properties would accrue to the government and would therefore be used for the benefit of Nigerians,” Professor Sagay said.



He added that the decision not to name looters was made in a bid to encourage others, who had stolen, to return money.

“The way I see it, it is more political than legal. It is not party politics but about conduct. I believe the government feels that if you name names, those who are about to come out and also bring out whatever has been looted, would withdraw.


“On the legal side, I don’t see the problem that is being talked about because once a person is going to be charged to court for corruption or illegally acquiring resources, there is no liability in announcing it.

“After all, we have been seeing the names of all those accused and charged. So, the main reason is to encourage others, who are still hiding their loot and speculating what to do, to come out and hand over the loot so that the country can recover more of what has been stolen.”

Speaking further, he said the decision not to name looters might also have been in a bid not to embarrass some Nigerians who received government funds without knowing that the money was for arms or that the money was stolen.

“There are some people who actually received those assets and money without knowing that it was stolen or whose knowledge of the source would be very difficult to establish.

“So, if you are in a situation, where you thought your political party had raised money legitimately and you were given an amount for the purpose of campaign, then you may have a strong case against any criminal charge like the newspapers, who have received money, but you may be willing to return the money having found out that it was illegitimately acquired.”

Meanwhile, Presidency has revealed that the recovered loots will be spent on infrastructure.


According to the special adviser to the President on media and publicity, Mr Femi Adesina, “The President said it sometimes ago in Kaduna that recovered money would be spent on the development of infrastructure. The infrastructure includes roads and railways among others,” he said.

Mr Adesina added: “Nigerians can be assured that the money would be spent transparently and judiciously. They have nothing to fear.

“These funds would be spent to better the lives of Nigerians; this is what this government is committed to.”

Recall that the Muhammadu Buhari-led government revealed that N78, 325,354,631.82; $185,119,584.61; £3,508,355.46 and €11, 250 had been recovered from alleged looters.

According to the FG, the funds were recovered separately by the Economic and Financial Crimes Commission, the Office of the Attorney-General of the Federation; Independent Corrupt Practices and other related Offences Commission and the Department of State Services.

Lalasticlala

Scholes007:
That means we are yet to recover anything if any. Why don't you wait till all legal processes has be exhausted before tagging the fund "recovered loot". "frozen accounts" should have been a better phrase.

Scholes007:
That means we are yet to recover anything if any. Why don't you wait till all legal processes has be exhausted before tagging the fund "recovered loot". "frozen accounts" should have been a better phrase.

Babacele:
so when a public officer is forced to return what he has stolen from the public, it is called frozen account abi? God have mercy..

Scholes007:
I wasn't talking about who is forced or who volunteered all am saying is the fund shouldn't be tagged recovered loot yet. From all indications, the court(any legal agency involved) is yet to tag anything stolen yet. It means that there are chances that some people or organisation funds might have been mistaked to a loot. Hence the are likelihood of someone dragging the fg to court if his fund is used.

Babacele:
so how was the money removed from their hand or gotten if not through recovery? wetin no b yr own wey you carry no be stealing and if na public money no be looting ?why dem no come collect for my hand ...abi wetin u no steal u go return? so people returning these monies na charity people no be wetin dem steal? ......so when you return wetin you steal na frozen account no b recovered loot? your logic too tight...abi wetin u dey talk?

Scholes007:
You don't get me yet, do you?
i. Efcc,icpc and other intelligency organisation has to identify funds/asset which they feel are ill gotten.
ii. Next thing they do is to freeze the account or seize the asset pending to when it is proven beyond reasonable doubt that it is not ill gotten.
iii. Some investigative and legal processes has to be undertaken. Here there are two possible outcome,
a) The fund/asset might be found to be a legit property of the accused. Hence not looted fund
b) The fund/asset might be found to be ill gotten.
iv. If the case is the latter then it is were it is tag recovered money/loot.
v. The loot is returned to the govt coffer.

I no talk say people no thief moni oo. I no also talk say people thief moni. Wetin I mean be say we never recover any moni yet o. Wetin we still get na frozen accounts and seized assets.