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FG recovers another $151m, N8b looted funds

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Lai Mohammed

The Federal Government said it recovered another 151 million dollars and N8 billion looted funds from three sources through whistke-blowers. The Minister of Information and Culture, Alhaji Lai Mohammed disclosed this in a statement issued on Sunday in Lagos.

Mohammed sad actionable information given by whistle-blowers to the office of the Minister of Justice and Attorney-General of the Federation led to the recovery of the looted fund.

He said the looted funds do not include the 9.2 million dollars in cash allegedly owned by a former Group Managing Director of the NNPC, also a dividend of the whistle-blower policy.

“The biggest amount of 136.7 million dollars was recovered from an account in a commercial bank, where the money was kept under an apparently fake account name.

“This was followed by N7 billion and 15 million dollars from another person and N1 billion from yet another,” he said.

The minister reiterated the position of government that there was a primitive and mindless looting of the national treasury under the last administration.

He said the whistle-blower policy has started yielding fruit, few months after its adoption by the government. “The whistle-blower policy is barely two months old and Nigerians have started feeling its impact, how a few people squirrelled away public funds.

It is doubtful if any economy in the world will not feel the impact of such mind-boggling looting of the treasury as was experienced in Nigeria. ”Yet whatever has been recovered so far, including the 9.2 million dollars by the EFCC, is just a tip of the iceberg,” he said.

The minister appealed to Nigerians with useful information on looted funds to continue to provide the authorities with such information, saying confidentiality will be maintained with regards to the source of the information.

He also reminded Nigerians of the financial reward aspect of the policy.

”If there is a voluntary return of stolen or concealed public funds or assets on the account of the information provided, the whistle blower may be entitled to anywhere between 2.5 per cent (Minimum) and 5.0 per cent (Maximum) of the total amount recovered,” he said.



16 Comments
  • Taiwo Umolu

    Yet some people say Buhari is not fighting corruption

    • pmagroup

      And where is the recovered money, $151m, N8b looted funds + 9.2 million dollars in cash, all this money add together can’t we use it to have steady electricity. They talk, talk, talk, and talk without any action. Shameless government.

      • Taiwo Umolu

        If you are educated enough to write this, you should be educated enough to know that you cannot spend that money not until the individuals are convicted by a court of law and all appeals disposed of. Then it is paid into the federation to be appropriated by the National Assembly.

        • Okuoka Emmanuel

          Thanks for that response.

    • johnson

      We agree Mr President is fighting corruption,how many of the government officials declared their assets,I do not support stealing.We are tired of these stories,our leaders all abused public trust.All of them stole.

      • rony zane

        True, almost all of them stole our common wealth. But, to what degree are they involved? We don’t know. I’m sure buhari is also aware of this fact. Corrupt politicians are like dirty laundry that must be drycleaned. Yet, putting all your clothes in the machine at once will leave you naked, and, who ever does laundry publicly in nudity? Buhari will have to wash the dirty wrappers around his waist, but he still needs them now-because their cooperation is highly sought at this crucial time. Be patient with your president, bc it’s easier to destroy than rebuild.

  • vincentumenyiora

    With these (at the rate of the) recoveries we HOPE THAT THE FEDERAL GOVERNMENT WILL NOW ABANDON THE IDEA OF THE $30 Billion LOAN she was angling for in the last quarter of last year. folks! I mean if they step it up they are bound to uncover a lot more, folks! Who said that the idea of whistle-blower cannot work in Nigeria – just tell them where to loot is and how much involved and stay away but return to claim your bountyoo!

  • Inon.

    DIRTY OLD MAN TELLING LIES TI LITTLE CHILDREN ,NO SANE NIGERIAN LISTENS TO LAI MUHAMMED.

    • vic

      ABSOLUTELY, ON POINT. THIS FOUL MOUTH OLD MAN IS A COMPULSIVE LIAR.

  • johnson

    Let the tempo and momentum continue,EFCC should also check all your houses too.I mean all of you in government.

  • Taiwo Umolu

    Mr brother, it is mandatory to declare assets even for civil servants. Without it, no one can take up appointments. Problem was that people make fake declarations and there was no attempt to verify. It was taken as normal as ‘everybody’ was assumed to be in the same boat. That is why some prominent people are now facing trials for a non declaration and all sorts of infractions. These accusations for anyone used to how even CCB officials aided office holders to perpetrate this dishonesty, know that the accusations are real and not a political witch hunt. We need to be honest to salvage this nation. For a people who claim to be so religious, honestly, we are performing so badly. We are in this mess caused by a few of our people and encouraged by many. We have to put a stop to this national calamity

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  • vic

    STUPID FOOL MR LIE MOHAMMED AND WHAT IS YOUR CONTRIBUTION TO THOSE RECOVERIES??

    YOU ARE SIMPLY A BIG MOUTH FAKE MOUTH HORN OF NO RELEVANCE..

    • Okuoka Emmanuel

      Is it wrong reporting news ?
      Nigeria we hail thee!!!!

  • Dauda

    The stealing started in the 1970s. Houses in a street in London are all owned by Nigerians. What did they do then to have the money. Check out, they were civil servants just like any other person.

  • vic

    STALE NEWS, WE HAVE ALREADY HEARD THIS FROM THE MOUTH OF MR MAGU.

    MR LIE MOHHAMED FROM THE MINISTRY OF LIES AND PROPAGANDA IS MERELY TRYING TO JUSTIFY HIS RELEVANCE IN THE CABINET AS A PROPAGANDA MINISTER..