FG releases list of recovered loot amounting to N115,792,760,499

The Federal Government on Saturday released the highly anticipated list of recovered loot. In a statement by the Minister of Information, Culture and Tourism, Alhaji Lai Mohammed, the government revealed the recoveries were made between May 29, 2015 and May 25, 2016.

The government gave the breakdown of the loot as N78, 325,354,631.82; $185,119,584.61; £3,508,355.46  and €11, 250.

A conversion of the funds using the official exchange rate of the Central Bank of Nigeria, the amount adds up to N115,792,760,499.

The Muhammadu Buhari-led government added that a separate amount of cash and assets worth over N2tn had also been seized. However, the properties and cash are under legal contention.

The assets and cash seized under interim forfeiture totaled: $9bn, N126bn, £2.4m and €303,399.

A conversion of the worth of assets and cash seized based on the official CBN exchange rate totaled: 1,918,113,864,063.

The government added that funds awaiting return from foreign Jurisdictions total $321,316,726.1; £6,900,000 and €11,826.11.

Credit: Punch