Tag: Stolen funds

Interest in N550 billion recovered funds by the EFCC under Ibrahim Magu “has been re-looted” – Presidential Panel

The panel investigating Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), has indicted the commission of re-looting some recovered loot. According to the News Agency of Nigeria, NAN, the EFCC was indicted in the report of the panel as it was discovered that the interest[Read More…]

Nigerian Government receives bids to track repatriated Abacha stolen funds

The Nigerian government has received bidding proposals from Civil Society Organisations, CSO for the monitoring and implementation of the tripartite agreement on sharing, repatriation and management of certain forfeited assets allegedly laundered abroad by former Nigeria’s Head of State, General Sani Abacha in the United state of America. The funds[Read More…]

UNGA: Terrorism, Human Rights, Repatriation of Looted Funds Top Nigeria’s Agenda

Nigeria’s Minister of Foreign Affairs, Geoffery Onyeama, has said that the country will be seeking the help of member states of the United Nations, UN, in combating terror, human rights issues and the return of stolen funds. at the UN’s General Assembly holding in New York next week. “A major[Read More…]

Court Orders Forfeiture Of N449M Found In Bureau de Change Shop

A Federal High Court on Friday in Lagos ordered the final forfeiture of the N449.6 million found in an abandoned Bureau de Change at Victoria Island to the Federal Government. The money was recovered in Lagos by the Economic and Financial Crimes Commission (EFCC). The forfeiture order was made by[Read More…]

$43 million, £27,800 And 23.2m Naira Cash Discovered By EFCC

Nigerian anti-corruption organization, The Economic and Financial Crimes Commission (EFCC) has uncovered approximately $43 million, £27,800 and 23.2m Naira on Wednesday. The (EFCC) uncovered the stash of foreign currencies and Naira notes in two of the four bedrooms in the apartment in Lagos city after receiving confidential information from a[Read More…]

Stolen Funds: Reps To Investigate N500m Reconstruction Fund For Reconstruction of Chibok School

The House of Representatives on Tuesday resolved to investigate the N500 million budgeted fund for the reconstruction of Girls Secondary School, (GSS) Chibok, Borno. This followed a motion by Rep. Raphael Igbokwe (PDP-Imo), which was unanimously adopted through a voice vote. Moving the motion, Igbokwe noted that N1.6 billion was[Read More…]

Nigeria Discloses Amount Recovered From Looters

The Minister of Information and Culture, Lai Mohammed, has explained that the looted fund recovered so far by government is a far cry from what the country needs to revive the economy. The minister said this on Friday when he appeared on a News Agency of Nigeria (NAN) Forum in[Read More…]

Nigeria Struggles To Repatriate Stolen Loot, With Little Transparency Over Who Has Returned Funds So Far – FT

by Financial Times President Muhammadu Buhari has pledged to crack down on corruption and to repatriate what he called a “mind boggling” amount pillaged during the previous administration of Goodluck Jonathan. At the weekend, Mr Buhari’s government released a statement detailing stolen funds amounting to roughly $10bn that it said had[Read More…]

Buhari Says The Process of Recovering Stolen Funds Had Become Tedious

President Muhammadu Buhari, yesterday, in Abuja, said the process of recovering stolen funds had become tedious. The President made the statement while receiving the Executive Secretary of United Nations Office for Drugs and Crime, Yury Fedotov, and stressed that the process had “become tedious” to the consternation of Nigerians. He[Read More…]

Former EFCC Chairman Declared Wanted For Allegedly Re-Looting N1 trillion Recovered Funds

The Senate committee on Ethics, Privileges and Public Petitions on Thursday recommended the issuance of a warrant of arrest against the former chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Lamorde, over alleged diversion of N1 trillion recovered by the commission. The recommendation was made by Chairman[Read More…]