Buhari traces looted funds to US, UK and other European countries | Welcome to Linda Ikeji's Blog

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Saturday, 27 June 2015

Buhari traces looted funds to US, UK and other European countries

The Federal Government has started tracing looted Nigerian funds to foreign countries with the aim of retrieving them.
This move came after  the declaration by President Muhammadu Buhari on his first day in Aso Villa office that he inherited an almost empty treasury from his predecessor, Dr. Goodluck Jonathan, thus vowing that his administration would recover all the looted funds kept in foreign banks by corrupt Nigerians.

The President was quoted as saying in a statement signed by his Special Adviser on Media and Publicity, Mr. Femi Adesina.
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“The next three months may be hard, but billions of dollars can be recovered, and we will do our best,”
Some of the countries where looted funds from Nigeria have been kept in the past include Liechtenstein, Luxembourg, Switzerland, the United Kingdom and the United States. Others are France, Germany, British Virgin Islands and other tax havens spread across the globe.
Adesina, who confirmed the move in an exclusive interview with Saturday PUNCH on Thursday, said, the search for the looted funds will not be limited to these countries but anywhere in the world where they may be hidden.
He said,
“The search will not only cover UK, US, Switzerland, Germany and other known havens for Nigerian looted funds but will cover everywhere under the sun. Anywhere and everywhere that the looted funds are, we have an assurance from the United States of America to assist us to repatriate these funds from anywhere under the sun.”
It was learnt that the Federal Government’s investigation was meant to identify the individuals who were involved in corrupt practices and ascertain the sums of money involved with a view to retrieving them.
Anti-corruption agencies will also play a prominent role in the exercise targeted at corrupt government officials in the recent past administration and their private sector collaborators, among others.
To this end, Adeniyi said that the Federal Government is planning to engage the services of foreign private investigators to help trace and find looted funds belonging to the people of Nigeria.
“Everything that needs to be done to get all those funds repatriated will be done, including engaging private investigators,” the Presidential spokesperson added.
Buhari had lamented that officials of the recent past government jettisoned all financial and administrative instructions put in place in parastatals and agencies while embracing impunity, lack of accountability and financial recklessness in the management of national resources.
This, the President said, had thrown the country into financial crisis.
The foreign search, which is expected to be thorough, will, among others, be directed at foreign banks with the ultimate aim of getting incontrovertible facts and figures that can aid the government in collaboration with the US and other members of the G7 nations to recover stolen funds stashed abroad.
Adesina said the identification of foreign banks being used to stash stolen funds was one of the mandates given to Buhari during a meeting he had with President Barak Obama at the recent G-7 summit in Germany.
He said,
“When the President met with the G7, the promise that the American President gave him was that Nigeria should just provide all the facts, the figures, the statistics, including the banks.
“He promised that if Nigeria could make the information available, then the US will help in recovering the stolen funds.”
When asked specifically if the Federal Government had started identifying the banks, the presidential spokesman said,
“Yes. In fact, the President said the government will spend the next three months identifying banks, individuals and monies that have been ferried out of this country.
“The assurance the President has given is that within the next three months, we have to concentrate on getting those monies back to the government coffers,” he added.
Buhari had said early in the week that his administration had received firm assurances of cooperation from the US and other countries in his quest to recover and repatriate funds stolen from Nigeria.
Buhari, while granting audience to members of the Northern Traditional Rulers Council led by the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at the Presidential Villa, Abuja, had said that it was now up to Nigeria to provide the international community with the facts and figures needed to drive the recovery effort.
He said he would be busy, in the next three months, getting the facts that would help in recovering the stolen funds.
“In the next three months, our administration will be busy getting those facts and the figures to help us recover our stolen funds in foreign countries,’’ the President had said.
The Federal Government may also go after property owned by public fund looters in London, Dubai, US, Saudi Arabia and other choice international real estate markets where Nigerians are known to be some of its biggest buyers.
It was also learnt that the Department for International Development, a UK government department responsible for administering overseas aid, had alerted the President on over N1.3tn stolen during the last administration, where it is kept and who the beneficiaries are.
“This was one of the agreement reached between President Buhari and the G7 countries when the former attended the meeting in Germany,” the DFID source said.
The US in March 2014 had ordered a freeze on $458m in assets stolen by the late Head of State, Gen. Sani Abacha, and his accomplices. Abacha died in office in 1998.
The US Justice Department named two bank accounts in the Bailiwick of Jersey and two other accounts in France as depositories of $313m and $145m Abacha loot respectively. Four other investment portfolios and three bank accounts in Britain were also frozen, with an estimated value of at least $100m.
President Buhari said the last administration mismanaged the economy while stating that it was a disgrace that state governments in the country can’t pay salaries; hence, the need to recover looted funds wherever they may be hidden.
Chief Olu Falae, commended the move and described it as laudable and desirable, he expressed the belief that looted funds could be recovered because the whole world is now talking about promotion of transparency in governance.
“If some monies could be recovered from Abacha loot in the recent past, then it will be possible to recover looted funds from others as well,” he said.
The former minister, however, urged the President to follow due process while going after the looted funds.
Falae said,
“It is just that we have to follow due process because we cannot force the countries where the looted funds were stashed to return them because they are not subject to our authorities. But if we follow due process, it might be possible for us to recover those monies.
“The monies should not just be recovered; they should be used to develop the country. There should be no exception; anybody who has looted the public fund should be made to return it. Not only monies stashed abroad should be recovered, those stolen and kept in the country should also be recovered. I wish the President good luck in his move to achieve this initiative.”
Also, the Convener of Coalition Against Corrupt Leaders, Mr. Debo Adeniran, asked Buhari to follow the normal channel through mutual legal assistant treaty that Nigeria has with the countries where such monies were stashed, if he really wants the stolen funds repatriated.
He said, “The President may succeed if he invokes the letter of the mutual legal assistant treaty, but I am not sure Nigeria has such with Switzerland although that country has been voluntarily returning Abacha loot to Nigeria.
“There are several other countries that may not be willing to return the volume of the money that was kept in their banks by the looters except there is international status that Nigeria can invoke to compel them to repatriate the fund.
“Nigeria has to go through legal process except it was one of the wish list that Buhari presented to the G7 countries. We have expressed it in some fora that we expected that Buhari would make it the top of his agenda at the G7 summit in Germany that he should get the G7 to cooperate with Nigeria on how not to allow looted funds by Nigeria’s public officials to be kept in their financial institutions.”
Adeniran also asked Buhari to prevail on the governments of the countries where the public funds were being stashed to assist Nigeria to expose those behind the practice.
He said, “Property acquired in those countries must also be investigated and if it is discovered that the property were procured through proceeds of corruption, they should be confiscated on behalf of Nigeria, sell them and repatriate the money to Nigeria.”
He said, “It is our hope that something positive will come out of it considering that the banks in the US and some other Western countries were part of the laundering. They collected money from corrupt Nigerians and as far as we know, their countries did nothing to make sure the banks do not collect stolen money from Nigeria.
“Those found culpable in looting our public funds should be tried in the law courts. It’s not enough to collect the stolen funds without any sanctions meted out to them to serve as deterrent to others. Punishments meted out to corrupt individuals are also not commensurate with the crime committed, and this should be corrected.”
Punch

80 comments:

Anonymous said...

Good work. Morning lindz
~D great anonymous!

Anonymous said...

Ghen ghennn

Anonymous said...

we've seen this many times. the money will be recovered and relooted again. this is wut happened to abachas loot that the swiss bank returned years ago. we want these corrupt leaders prosecuted and castrated under sharia law. Buhari make yourself useful please.the large sums spent abroad by these idiots is one of the reasons the value of the naira is also falling. yes they have stolen enough to crash our economy. start beheading them and their children for us

Anonymous said...

WASH. why not start by probing tinubu

ELENA (HER MAJESTY) said...

All they've been doing is talk and more talk

Rosemary A. Chidi said...

Ok

Unknown said...

Oga keep on tracing and make sure ur list of names include amaechi,tinubu,fashola and some top northern leaders.

Okloho_spenzo said...

We r watchin, hop d search wil nt b limited only to GEJ administrtion? Dey shud also trace n recover monies stolen by Atiku,Obj, and all his apc croonies who were in d pdp

Goddy said...

Talk is cheap. Instead of Mr Buhari and APC to focus on the needs of Nigerians, they are worrying over spilled milk. After 4yrs they will still be telling us the same story.

Adetunji Saka said...

Who talk say changes no go dey, infact I dn dey see d changes. Sai Buhari!

"Slow and steady wins d race"

Adetunji Saka said...

Who talk say changes no go dey, infact I dn dey see d changes. Sai Buhari!

"Slow and steady wins d race"

Goddy said...

This entire article is one piece of PROPAGANDA to deceive us that he is working. 
The man should wake up from slumber

Unknown said...

The game has began


Moye says so via BB Passport...Courtesy LIB......

Damilola said...

Collecting the looted funds is punishment enough

EBIMABLOG said...

GOOD MOVE

Unknown said...

Good step to take Mr president.........

Anonymous said...

Buhari will fail, can u all c the tone of his anti corruption drive, it is up to Nigerians to provide the government with d much need evidence and information on looted funds.Buhari and his APC cohorts must b mad, ve they forgotten what they said during d campaign? Kayode Fayemi said they had a list of who stole what,what and how and now dis Old man is telling mi and u to give them information.What is the security guarantee for d person who comes up with such valuable information.I knew it will get to dis, I knew he wus going to go on like Obasanjo who said before he became President that he will probe all past governments only to become President he said any Nigerian with evidence on who stole what and how should come up with it if he will not try d person.This guys r just mad, they must come with their list oooh cause they gave us all d impression they had a track on Jonathans financial recklessness,In d next 3 months they had better come up with something positive as regards dis anti graft crusade. They came to meet us to provide them our votes for change we did now they r coming to meet us to provide them evidence on who stole what, when and how. God punish that mouth they used to talk 3 weeks in office c what we ve all being subjected to. Useless Party.

Unknown said...

Right move in the right direction.

Anonymous said...

Rubbish

Open Letter to President Muhammadu Buhari

Greetings Mr. President,
Since you resumed office as President of Nigeria, I have read and listened to many scaring utterances from your aides, political party and most recently from you.
Of late, it is all about that you meeting an empty treasury, No money, Jonathan did this, Jonathan did that, be patient with me, no this, no that, bla bla bla bla.
Mr. President I want to remind that while you were campaigning, I listened to you on the TV, you said that Nigeria was broke, that Jonathan is destroying Nigeria and you want to rescue it. I read you branding our country, Nigeria as a failed state. Right?
So now, that you have finally taken over, why are you complaining that Nigeria is broke, a situation you were much aware even before you started your campaign?
You knew that Nigeria was broke before making over 48 promises to Nigerians, right?
So Mr President, I just want to remind you...as below...
You promised Nigeria CHANGE, you did not promise excuses...
You promised the little children one meal per day, you did not promise them excuses...
You promised unemployed Youths N5,000 every month, you did not promise them excuses. Katsina Women queued up early this week for their payment and went home disappointed.
You promised Youth corp members one year salary after service, you did not promise excuses...
You promised to equate N1.00 to $1.00, not excuses. [Naira was 182 to a Dollar on 29 May, 2015, today it is 224 to a Dollar].
You promised to create three million Jobs per year, not excuses
You promised to create and transmit 20,000 MW of electricity, not excuses.
You Promised to build 60,000 Houses in a year, not excuse.
You promised us Chinese type, Rocket speed train in a year in office, not excuse.
You promised permanent peace in the Niger Delta, not excuses.
You promised to ban all government officials from seeking medical care abroad, not excuses.
You promised to Balance our Budget in your first year in office, not patience.
You promised to crushed Boko Haram within a week in office, not calling them your disgruntled brothers.
You promised to kill Corruption, but you have freed indicted APC leaders and $600,000,000 squandered from our reserve in less than a week.
You promised to stop ostentatious lifestyle of our Politicians, but one of your official car is valued over N500,000,000.
The list is long... if you have forgotten them, please ask Femi Adesina and Garba Shehu to Google them out for you Sir. These days Mr.President, you can find everything you said just by googling them and let me remind you Mr president, this stealing started from the North, then it extended to South-West before reaching the South-South, we must fight corruption from its first source and end it at its last bus stop which Mr President claim is South-South.
Mr. President, Nigeria want to see you talk about achieving this promises not excuses.
We sincerely Trust your ability to achieve all these as promised and wish you success, Good health, Extra energy and better focus.



Unknown said...

Ghen Ghen...I hope dey recover it all cuz if dey do,it mite handle d Nigerian fiscal budget fr two yrs

Diary of a Naija mom said...

Pls don't stop at tracing, recover them and pay up all unpaid salaries and executes projects.

New post on my blog! Check it out pls

Unknown said...

First Class!

Anonymous said...

Don't just recover the stolen monies @ Mr. President, also jail the moda fuckers in real prisons like kirikiri or better still sentence all them mother fuckers to death by hanging! Bastards! Retards!! Evil men!!! I dey vex...

Unknown said...

That's the change we voted for, a change where top officials no longer take the Nigeria populace for granted, a change where transparency becomes the order of the day.
God bless my President.

Frankie M. said...

I have been waiting for this Moment

Unknown said...

Change is here....

Ladun Liadi said...

After recovering looted funds what next?
Still awaiting an economic blueprint

Anonymous said...

Sai baba...more things are going to be unfolded just seat back and watch baba expose those culprirs

Blackberryhub Stores Ikeja said...

We deserve non payment of salaries .. cos every nigerian is as corrupt as those thieving ministers and officials .. with all the stealing going on , nobody has ever mentioned any penalty or punishment for corrupt officials ... i wish the economic crisis would continue to the extent that we cant even eat ...then only would we speak loud against corruption and stealing

Unknown said...

Good to know. We waiting Mr. President.

Unknown said...

Oooooooooh my....!
Good move anyway.

Unknown said...

I pray he recovers all the monies. He'd have done it secretly, without letting the public know about it, to avoid the LOOTERS from withdrawing all the money by closing all the accounts.

Unknown said...

I pray he recovers all the monies. He'd have done it secretly, without letting the public know about it, to avoid the LOOTERS from withdrawing all the money by closing all the accounts.

ary said...

Good development

Unknown said...

Pls let dem jst try n retrieve it abeg..I trust buhari to do so..

Unknown said...

It as began like joke,anyone one that is guilty shud be jailed for years,for keeping this country this way,those wicked and unreasonable men can't invest the money here in Nigeria so people can benefit they re wicked and shud not be speared,that's is why I still like the jahgaban no matter wat people say**EMZEALLOUS**

NaijaDeltaBabe said...

Nice

Unknown said...

a.k.a EDWIN CHINEDU AZUBUKO said..
.
Nna some people will be crying nw i swear
.
.
***CURRENTLY IN JUPITER***

Go on PMB! said...

Some people should shut up already. Did they tell Buhari what to do before he kicked on with this process? The man knows what to do and how to do it and they should just leave him to work. And for those saying he is traveling about shame on all of you...Nigerians love lies! That is exactly our undoing...Jonathan fed Nigerians with lies and what happened? An almost collapse d economy!
Now here comes someone making move to fix security and economic issues which without some people will only shout and shout without their situation improving!
Bottom line is people should learn to be more constructive in their criticism of the Buhari Government. This man will definitely work for us no matter what...if we can be bamboozled by PDP for 16 years why can't we wait for 6months before throwing shades at APC at the Federal Level?

Unknown said...

It is better

Anonymous said...

Sai Baba

Anonymous said...

Let's see how that goes. Pls do not exclude funds stolen by government officials of Northern extract because we are beginning to realise that you are a regional president not a president of the entire country

Golda Awosika said...

Hmmmm, oya make dem go carry our money com
#*karlishah*

Amy said...

Easier to get back the fu ds from other countries . Unless Switzerland (Swiss banks )have changed, that will be a tough one to crack.

Amy said...

*funds

Anonymous said...

When Buhari travelled for the G7 summit, a lot of unenlightened and dumb individuals said he was wasting money touring the world. Whereas his aim for going was to liaise for the return of our stolen money...hmmn....May God forgive people....especially those making rash judgements and conclusions out ethnic and partisan sentiments.

Unknown said...

Amen. loving this... don't forget jail term or execution...

jbankzE said...

3months is too much to get dat info,mr buhari... Is dis an xcuse to be lazy fr 3months????? Rubbish

yawanow said...

Hope they are recovered.

I B M bolubantin said...

Please do not antagonize the past government.....tender justice with mercy

Unknown said...

PLEASE RECOVER EVERY PENNY THESE PEOPLE STOLE FROM US AND IF POSSIBLE RECOVER D ONES THE STATE GOVERNMENT STOLE TOO.

ESPECIALLY AKWA IBOM STATE GOVERNMENT.

Unknown said...

PLEASE RECOVER EVERY PENNY THESE PEOPLE STOLE FROM US AND IF POSSIBLE RECOVER D ONES THE STATE GOVERNMENT STOLE TOO.

ESPECIALLY AKWA IBOM STATE GOVERNMENT.

Anonymous said...

Pls they should not forget Babangida Alliyu and Nyako while they are looking. Have they recovered their stolen funds or are those ones exempted from the search. These folks are right here in the country pls start from them and then move outwards. More grease to your elbows because we want to find out what is actually happening

Unknown said...

You can now see why PMB went to the G7 meeting. Nigerians can talk bullshit something n this man is no magician

Unknown said...

Ok

Unknown said...

I support him on this

Anonymous said...

Way to go... change is here!

All I read is about Abacha's loot and that of the immediate past administration. How come no one ever mentions OBJ?

Are they trying to tell us there was no single act of corruption in all of Obasanjo's 8yrs as president, or they mean he is untouchable???



<< LIB Addict >>

Unknown said...

I guess you know were to start mr. president.... From the era of Abdusalami Abubakar to Good luck Jonathan. No exemption...

Anonymous said...

This has got to be one of the funniest stories i have read in a long time. Thank you President Buhari for allowing your aides to provide us with much needed comic relief. I swear these guys are blowing air. How do you think that looted funds would be starched in UK accounts after Ibori and Abacha. Those funds are under the ground in peoples backyards, in garrages and store rooms in peoples houses, Cayman Island, UAE, Angola, SA etc. Even if they are in UK and US accounts it would take years to recover not 3 months because of their judicial system. Also why don't you start from recovering funds from well known looters here in Nigeria that are laundering them in our system. Start with IBB down to Jonathan. Also include Thiefnubu, Ameachi, Rochas Okorocha etc. Nonsense. Pls seat down and work to create wealth rather than concentrating on this. You could have done this silently instead of alerting the looters.

Unknown said...

Well done Mr. President. Linda take note!

knowurway.com said...

Glory be to God almighty, I said it that will should vote for Buhari that he can do it. Said Baba!!!!!!!! May God continue to strengthen u nd Prof Osinbajo, to lead Nigeria Amen. All of u can see now? Even Olu falae, that said they should vote for GEJ, during the election period he is now thanking Buhari. Hmmmm it is well. Nigeria must work again nd Oibo must serve us for Nigeria here.

nunulicious said...

even the returned abacha funds, where are they?

Unknown said...

i will love to see this happen, gud step presido

Business Barbie said...

Abeg. Why don't you start from here. Tinubu and Amaechi. It will take years not months. Look at the case of Abacha. You think it's that easy to sniff into accounts abroad? Only illiterates will celebrate this joke.

Anonymous said...

Kai mahaukaci ney ko

guchymaris said...

This seems like one of those stories read on the pages on newspapers and after a while they die a natural death. PMB can do better than these stories. Its too early for these funny promises, the wild goose chase, the white chameleon search, looting did not start in the last administration, it got worst and it will keep getting worst depending on Mr President. Nigerians should not have all these expectations of him and he begins like the rest of them, making up ideas and never implementing it. He should not become a media president like the rest of them, making a loud noise and never taking actions. He has said the next three months, I hope he does not forget what he has said before the three months runs out. Nigerians want to see actions and not words. If he starts with cock and bull stories then he will just end up like them (same politicians, different political party, same agenda, different uniform)

guchymaris said...

This seems like one of those stories read on the pages on newspapers and after a while they die a natural death. PMB can do better than these stories. Its too early for these funny promises, the wild goose chase, the white chameleon search, looting did not start in the last administration, it got worst and it will keep getting worst depending on Mr President. Nigerians should not have all these expectations of him and he begins like the rest of them, making up ideas and never implementing it. He should not become a media president like the rest of them, making a loud noise and never taking actions. He has said the next three months, I hope he does not forget what he has said before the three months runs out. Nigerians want to see actions and not words. If he starts with cock and bull stories then he will just end up like them (same politicians, different political party, same agenda, different uniform)

AbokiDaWarriBoy said...

Anonymous lmfaoo na real mahaukaci em b

undiluted@hardtalkng said...

Buhari, nigerians are suffering. This loot thing is ambiguous, especially when you and your men make parochial accusations only to dead general abachas and the immediate past civilian president Goodluck Jonathan. Is it that you are afraid of IBB and OBJ. They were not corrupt abi. May be that was one of the MOUs reached before you become president? There is God ooo oooooo.

Unknown said...

Pls go and sit down.

Anonymous said...

That amount is chicken change compared to the money that has been looted by past administrations since 1985 alone. If Buhari is serious, his looted money recovery effort should go back as far as possible. I suggest as far back as 1960. If not, then his efforts are just a witch hunt and would end up tearing this country apart.

Unknown said...

I never knew u could sound so dumb sweetheart.
Any mofo(s) caught should hang 4 the crime(s).
I feel like taking a hangman's job to execute the punishment.

Unknown said...

Dumb Fuck.
Lotta nonsense in ur text.

Unknown said...

Hang them all. Corrupt Mofo.
Pls oblige me.

Anonymous said...

Alarm don blow, GMB Carry go, we are backing u up in prayers.

oiza said...

May god bless you and your house hold!

Anonymous said...

Amino Yusuf u should go and seat down, Buhari will not make much if an impact in 2 weeks he has just being giving one excuse after another,haba we r seating down and watching not even boko haram will he b able curb

Anonymous said...

With which brain, how about West Germany ?? Just asking...

Anonymous said...

PDP NUISANCE PEOPLE, HAVE YOU NOW SEEN? BUHARI SAID HE MET A "NEARLY ALMOST EMPTY" TREASURY. HE DIDNT SAY "TOTALLY EMPTY". PLEASE ALWAYS READ WELL BEFORE YOU JUDGE PEOPLE.

Anonymous said...

IBB AND OBJ NKOR? THEM NO STEAL? THEY SHOULD CLOSE DOWN GLOBACOM AND CONOIL. NA THERE IBB LOOTED MONEY DEY. ALL NA FRONT

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