The Federal Government of Nigeria has said it is practically impossible for recovered funds looted in the past to be re-looted again, saying sufficient safeguards have been erected to check against such a possibility.
This was the submission of Ladidi Mohammed, Director, Asset Recovery and Management Unit, Ministry of Justice, on Wednesday in Abuja, at a citizens’ dialogue on Post-Global Forum on Asset Recovery (GFAR) roadmap and asset recovery in Nigeria.
The event, organised by the Africa Network for Environment and Economic Justice (ANEEJ), a Non-Governmental Organisation (NGO), drew participant from both the public and private sectors of the economy.
According to Mohammed, some Nigerians nurse the fears that recovered loots may again be re-looted, noting however that incumbent administration has earmarked mechanisms to ensure such a development does not take place under its watch.
“As I speak, it is very difficult for anyone to re-loot any returned funds because as far as the Attorney-General of the Federation (AGF), and the entire government is concerned, there is no way that is going to happen.
“I can tell you that there are different organisations in charge of recoveries. So, in the whole system, there is no way that those assets, whether local or international will be re-looted, ’’ she assured.
She also pledged government readiness to return recovered monies into the public financial system for appropriation in compliance with the law, assuring however that the expected overseas recovering would be used for projects that would impact the lives of citizens, not as individuals, but as communities and as a nation.
“What I mean by that is that recovered monies are not like generated revenue that go into the Federation Account or the Consolidated Revenue Fund.
“The office of the AGF initiated a depository account for both local and international recoveries and those recovered funds go straight to the account which is domiciled at the Central Bank of Nigeria (CBN). It is a depository account that has no signatory and cannot be touched until it is appropriated. It is a constitutional and international issue.
“The AGF has put up every mechanism to prevent re-looting, so I assure you that there is no fear that these recovered funds will be looted and the monies will be used for the good of Nigerians,’’ she added.
Mohammed said negotiation had began for the repatriation of the remaining Abacha loot, stressing that provision had been made for Civil Society Organisations’ (CSOs) involvement, particularly with management of the funds.
“We also know that we have some cases all over the world for recovery and this is being coordinated by the AGF and I am pleased to say that some CSOs are monitoring these cases and we are very proud of you.
“We do not see CSOs as adversaries but as a formidable ally and the AGF is committed to collaborating with you,’’ she added.
The Executive Director, ANEEJ, Reverend David Ugolor, said there was an obvious need for the establishment of institutions and mechanisms both at the national and international levels to enhance transparency and accountability in recovery of looted funds.
According to him, the GFAR principles are aimed at providing a framework through which CSOs and citizens can meaningfully engage relevant stakeholders and advocate for the improvement of the asset recovery regime in Nigeria.
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