Abacha Loot, Other Funds Allegedly Missing From CBN Records- Auditor-General

LAGOS DECEMBER 3RD (NEWSRANGERS)-The 2019 audit report has revealed that the Central Bank of Nigeria recorded zero naira (nil) as recovered funds between 2016 and 2019 despite years of consistent recovery.

Office of the Auditor-General for the Federation revealed this in its 2019 audit report published on its website.

The report signed by Aghughu, Adolphus, Auditor-General for the Federation revealed that no amount was stated by the apex bank as a recovered fund, and the management of the bank confirmed with a response that there was no inflow between the period of January 2016 and December 2019.

Part of the report reads:

Screenshot of Auditor General statement on CBN
Credit: Audit report 2019
Source: Original

The report also noted that the CBN failing to provide details stands a risk of misinformation of the public.

The Audit Office, therefore, requested CBN Governor furnish reasons for the nil recovery records between 2016 and 2019 or there might be sanctions relating to gross misconduct.

In response to the allegation, CBN said there was no inflow for the period of January 2016 – December 2019.

It said:

“However, a review of the account showed credit interest for the period. Kindly find attached a summary of review.”

However, the CBN response contradicts several reports over the years from the present administration on recovered stolen funds.

Recoveries over the years

In June 2016, the federal government announced the recoveries as part of its campaign promise on transparency.

According to the statement titled interim report on financial and asset recovery made by the Federal Government of Nigeria from May 29, 2015 to May 25, 2016, the Federal Government made cash recoveries of N78,325,354,631.82 (Seventy-eight billion, three hundred and twenty-five million, three hundred and fifty-four thousand, six hundred and thirty-one Naira and eighty-two kobo).

The statement also stated that from 29 May 2015 to 25 May 2016, N185,119,584.61 (one hundred and eighty-five million, one hundred and nineteen thousand, five hundred and eighty-four US dollars, sixty-one cents); 3,508,355.46 Pounds Sterling (three million, five hundred and eight thousand, three hundred and fifty-five Pounds and 46 Pence); and 11, 250 Euros (eleven thousand, two hundred and fifty Euros) were recovered.

Also in 2018, the Nigerian government was quoted as stating that $322 million stolen by the former military head of state, Sani Abacha was returned by Swiss Authorities.

EFCC celebrates Chairman’s achievement

Meanwhile, the EFCC has highlighted the achievements of its chairman, Abdulrasheed Bawa, to mark his 100 days in office.

Bawa was appointed by President Muhammadu Buhari in February to head the anti-graft agency following the infamous exit of Ibrahim Magu.

Among the listed achievements are the recoveries of N6,142,645,673.38 (over N6 billion), $8,236,668.75, £13,408.00, €1,730.00, 200 Canadian dollars, CFA374,000.00, and ¥8,430.00 (Japanese Yen).


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