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12 Jul 2018

Anti-corruption: Nigeria’s recovered assets top N1trn – PACAC says

The Chairman, Presidential Advisory Committee Against Corruption, PACAC, Prof. Itse Sagay, has said looted assets recovered since the inception of President Muhammadu Buhari’s government has risen above one trillion Naira.

Sagay, who stated this at a roundtable organised to mark the 2018 African Anti-corruption Day in Abuja, disclosed that the sum of $321m, $400m and $73m were recovered by the government from Switzerland, USA, and UK respectively.

He also said, so far, billions of Dollars have been traced to the functionaries of the last government and their associates all over the world; stressing that the war against corruption has been successful under the current administration.

According to him, only beneficiaries of corruption and intellectually challenged persons were criticising the progresses made by the government in its fight against corruption.

He said: “Contrary to the narrative been pushed by the aggrieved beneficiaries of corruption, hardly a day passes without the publication of a court order of forfeiture of looted funds, landed properties and other assets.

“Within Nigeria, the value of assets recovered has risen to about one trillion Naira. Money recovered from abroad has followed the same pattern; Switzerland ($321m), the USA (over $400m) and the UK ($73m).

“The era of easy unearned fraudulent money is over. Petrol subsidy scam bleeding us to the tune of N360bn a year has been stopped. The wealthy have been compelled to start paying taxes and enhanced funding has been coming from FIRS and Customs and Excise department.

“From the Treasury Single Account, it is estimated that over N3trn has been mopped up. Funds hidden in unnumbered accounts or lodged under fake names are being unearthed and transferred to the mainstream of our economy.

“In addition to this, the government has now started securing conviction of high profile persons. Three former governors have been convicted for corruption. So, too has a Senior Advocate of Nigeria.”

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