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Ex-AGF Malami reveals how much looted funds were recovered under his watch

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Ex-AGF Malami reveals how much looted funds were recovered under his watch

Former Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, yesterday held a valedictory session and handover ceremony in Abuja, during which he disclosed funds amounting to N59.16 billion and $779.495 million were recovered during his tenure.

  • Malami highlighted the Asset Recovery and Management Unit which was established to ensure effective and efficient assets recovery and management in the country.

Among the loot recovered, according to Malami were:

  • $321 million Abacha loot which was repatriated to Nigeria following an agreement signed between the FG, the Swiss Federal Council and the World Bank. “The funds have since been received by the government and currently deposited with the Central Bank of Nigeria,” he said.
  • $73 million “with interest” which a commercial bank in the UK was ordered to pay to the Nigerian government, being part of the proceeds from sale of OPL 245 by Malabu Oil and Gas Company to Eni/Shell. “The said sum has also been received and deposited with the Central Bank,” he said.
  • Local recovery, according to Malami: “N59.163 billion and $385.496 million.”
  • Grand total, including local plus international recovery: “N59.163 billion and $779.496 million.”

READ: In a powerful editorial Punch newspaper asks Buhari to suspend Malami: 7 takeaways

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