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Recovered loot: FG hands over £4.2m to Delta State

The Federal Government has handed over £4.2 million to Delta State government, being the recovered funds stolen by a former governor of the state, Chief James Ibori. The Accountant General of the Federation, Ahmed Idris, disclosed this yesterday when he appeared before the House of Representatives’ ad hoc Committee on Assessment and Status of all Recovered Loots Movable and Immovable Assets from 2002 – 2020. According to him, the £4.2 million was recently repatriated by the United Kingdom to Nigeria.

Recall that the issue of this money generated a lot of controversy when the Federal Government was reported to have said that it would not be handed over to the state government, but would be utilised by the Federal Government. He informed that it has recovered the sum of $633.8 million and £9.709 million looted funds from Switzerland, the Island of Jersey and the United Kingdom since 2007 to date. Breakdown of the recovered funds showed that the sums of $322 million was recovered in December 2017 from Switzerland; $311,797,866.11 was recovered from the Island of Jersey and the United Kingdom in May 2020; £5,494,743.71 from the Republic of Northern Ireland known as ‘Abacha loot’; and £4,214,017 from the UK known as Ibori loot in May 2021. He said: “All these assets as recovered are indeed lodged with the CBN Account on Assets Recovery and the receipts of the amounts have been confirmed by the CBN.”

Testifying before the committee, led by Hon. Adejoro Adeogun, AGF Idris said, “All agencies’ revenues go into the Treasury Single Account, but the TSA, does not apply to the Federation Account. According to him, “We open the accounts, we run the accounts, we are the custodian of the accounts, but only Mr. President has the absolute powers to direct on the expenditure of the accounts. All the accounts are linked to TSA.” Idris also appealed to the committee to give him some time to seek clarifications over some alleged missing funds, which the lawmakers posed before him.


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