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Looted Assets: ‘Huge money still stashed abroad’ – Malami

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The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) on Monday said his ministry has recorded laudable milestone in the recovery of looted assets in Nigeria, although there are still massive stolen funds transferred abroad by corrupt leaders which are yet to be recovered.

Malami said this during the budget defence before the House of Representatives Committee on Justice in Abuja.

He stated that monies recovered were promptly deposited into government treasury.

“To date, there are large sums of illicit money stashed abroad for which we are working at close quarters with ICPC, and EFCC as dependable allies to effect recovery,” he said.

POLITICS NIGERIA recalls that Malami had said in May that it has recovered over $700 million (about N288 billion) stolen funds stashed in foreign countries in the past four years.

Nigerian authorities said the recoveries were made possible through “proactive and collaborative” efforts of foreign nations such as the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland.

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