Foreign Assets: Nigeria recovers £6.3m, €5.4m, $390,000

The Nigerian government on Thursday said it has recovered £6.3m, €5.4m, and $390,000 of its assets stowed by corrupt government officials in foreign nests.

Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami made this known during a ministerial scorecard of the Justice Sector from 2015 till date.

Malami explained that part of the recovered amount has been used on projects such as the reconstruction of the Abuja–Kano Expressway, Lagos–Ibadan Expressway and the construction of the Second Niger Bridge in the South-East.

“In compliance with presidential mandates and foreign judicial processes, the Ministry has recovered total sums of £6,324,627.66 (Six Million, Three Hundred & Twenty-Four Thousand, Six Hundred & Twenty-Seven Pounds, Sixty-Six Pence); €5,494,743.71 (Five Million, Four Hundred and Ninety-Four thousand, Seven Hundred and Forty-Three Euro, Seventy-One Cents); and $390,000,000 (Three Hundred and Ninety Million dollars) from various jurisdictions.

“Some of the recovered funds are being utilized in the financing of critical infrastructure including Abuja – Kano Expressway, Second Niger Bridge, and Lagos – Ibadan Expressway,” he said.

The minister also noted that the administration of President Muhammadu Buhari realised a sum of N1.8bn locally from the sale of forfeited assets between 2015 till date.

“A total sum of N1,823,788,146.86 (One Billion, Eight Hundred and Twenty-Three Million, Seven Hundred & Eighty-Eight Thousand, One Hundred and Forty-Six Thousand naira, Eighty-Six kobo) has been generated so far by the Ministry, from the forfeited properties,” Malami stressed.