FG clears air on whereabouts of recovered looted funds

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‘’A recent MoU on the co-monitoring of the expenditure of Abacha loot repatriated from Switzerland has been described by stakeholders as model for other countries on how to utilize looted funds when they are returned to their countries of origin.

“However, when the Federal Government under President Muhammadu Buhari began the recovery of looted funds, the President personally authorised the issuance of guidelines on the channeling of the looted funds.

He specifically directed that all recovered funds be kept  in special asset recovery accounts in the CBN. “From there, the funds should be moved to the Federation Account for the purpose of funding the national budget. That was the case last year.

We can see that even the 2017 budget was partly funded with the recovered loots.” “As we speak, the President has appointed auditors to examine all the CBN asset recovery accounts. So, there should be no doubts over the whereabouts of recovered funds.”

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