Malami: We Recovered N59bn, $779m in Four Years

Abubakar MalamiAttorney General of the Federation and Minister for Justice, Abubakar Malami
  • Malami: We Recovered N59bn, $779m in Four Years

The outgoing Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, on Tuesday, disclosed that the ministry during his tenure recovered a total sum of N59.16bn and $779.495m across board.

Malami made the disclosure while speaking at a valedictory session and handover ceremony in Abuja.

He said during his tenure, Asset Recovery and Management Unit, was established to coordinate relevant stakeholders to put in place policies and mechanisms for effective and efficient assets recovery and management in the country.

“The AGF was granted mandate pursuant to directive of Council, vide approval in EC (2017) 232 on 1st November, 2017 to sign on behalf of the federal government, a Tripartite Agreement with the Swiss Federal Council and World Bank for the repatriation of $321m Abacha loot.

“During the maiden Global Forum on Asset Recovery in Washington DC, USA in December 2017, the AGF signed the said agreement. The funds have since been received by the government and currently deposited with the Central Bank of Nigeria”, he said.

Malami, while making his last speech as Minister of Justice, added that: “The commercial bank in the UK recently ordered a pay out of the sum of over $73m, with interest to the Nigerian government being part of the proceeds from sale of OPL 245 by Malabu Oil and Gas Company to ENI/SHELL. The said sum has also been received and deposited with the Central Bank.

“The office of the Attorney General of the Federation has recovered the sums of N59, 163, 029, 949. 46 and $385, 495, 900.00 locally.

“The total sums recovered by the Ministry during the reporting period are $779, 495, 900. 00 and N59, 163, 029, 949. 46.”

Malami, who said the ministry during the period under review developed a constructive protocol for collaboration with anti- corruption agencies, added there was an increased international cooperation and collaboration with countries such as the UK, USA, Switzerland, France, Italy, among other nations.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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