Nigeria recovers more than $580M in looted funds

By Rafiu Ajakaye

LAGOS, Nigeria (AA) - Nigeria on Saturday released details of more than $580 million in cash and assets recovered from public officials within a period of one year, but stopped short of naming the suspected looters.

In a statement titled “interim report on financial and assets recovery”, Nigerian Information Minister Lai Mohammed said the government had so far recovered at least $578.5 million, £3.5 million ($5 million) and €11,250 ($12,787) between May 2015 and May 25 this year.

He said up to 239 non-cash recoveries were also made, which included farmlands, plots of land, buildings, vehicles and maritime vessels.

The release of the recovered assets follows Nigerian President Muhammadu Buhari's pledge to recover looted public funds as part of his anti-corruption drive, which has so far seen several top officials of the last administration getting arrested and prosecuted.

Mohammed said hundreds of millions of dollars also await repatriation from various foreign countries.

"The funds awaiting return from foreign jurisdictions total $321,316,726.1; £6,900,000; and €11,826.11," according to the statement.

The president has made fighting corruption a cornerstone of his regime, saying that failure to curtail graft would ruin the country.