The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, said the anti-corruption agency has recovered N738.9 billion or $2.9 billion in less than two years.
He disclosed this to a gathering of more than 100 participants at the ongoing Seventh Session of Conference of State Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.
Magu, who was a panelist at the Implementation Review Group, according to the commission’s spokesman, Wilson Uwujaren, had detailed Nigerian efforts in asset recovery.
He was specific on the progress made in the specific cases related to Abacha loot, $1.3 billion Malabu oil, former minister of Petroleum Resources, Diezani Alison-Madueke and associates and the Arms procurement scandal.
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The recovery, he stated, was achieved in collaboration with the governments of Switzerland, the United States of America, the United Kingdom, the United Arab Emirates, Jersey Island and Panama.
Manu said EFCC monetary recoveries were from May 2015 to October 20, 2017 and does not include smaller recoveries in other currencies including Durham, CRA and the British Pound.
He also explained that the commission employed the mechanism of the non-conviction based forfeiture provided under section 17 of the Advance Fee Fraud and other fraud related Offences Act (2006) , which greatly assisted in the recovery of the stolen funds.
“Within this year alone, the commission recovered stolen assets running into several millions of US dollars and billions in naira.”
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