FG recovered N1.9tr [$9.7b] from looters in one year – EFCC

Statistics released by the Economic and Financial Crimes Commission [EFCC] shows that the federal government recovered a whopping grand total of N1,918,115,129,064.66 [One trillion, nine hundred and eighteen billion, one hundred and fifteen million, one hundred and twenty nine thousand, sixty-four Naira, sixty-six kobo] in cash and assets from looters of the economy.

However, out of the said sum, N65,264,843,570.26 [sixty five billion, two hundred and sixty-four million, eight hundred and forty-three thousand, five hundred and seventy Naira, twenty-six kobo] are funds awaiting return from foreign jurisdictions.

SEE THE BREAKDOWN:

The Federal Government made cash recoveries totaling 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); $185,119,584.61 (One hundred and eight 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) from 29 May 2015 to 25 May 2016.

CASH RECOVERIES

Naira                 = N     78,325,354,631.82

$185,119,584.61 x 17 = N     36,468,558,166.20

£3,508,355.46         = N           998,021,877.71

€11, 250                 = N               2,478,600.00

Total                 = N   115,794,413,275.73 i.e. $587,788,899.88

In a statement in Lagos on Saturday, the Minister of Information and Culture, Alhaji Lai Mohammed, also disclosed that Recoveries Under Interim Forfeiture (cash and assets) during the period totaled N126,563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million, four hundred and eighty one thousand, and ninety five Naira, forty three Kobo; $9,090,243,920.15 (Nine billion, ninety million, two hundred and forty three thousand, nine hundred and twenty Dollars, fifteen cents; 2,484,447.55 Pounds Sterling (Two million, four hundred and eighty four thousand, four hundred and forty seven Pounds, fifty five Pence) and 303,399.17 Euros (Three hundred and three thousand, three hundred and ninety-nine Euros, 17 cents ).

RECOVERIES UNDER INTERIM FORFEITURE (CASH AND ASSETS)

Naira         = N   126,563,481,095.43

$9,090,243,920.15 = N1,790,778,052,269.55

£2,484,447.55 = N           706,750,794.55

€303,399.17 = N             66,844,905.13

————————————————————————————-

Total         = N1,918,115,129,064.66 i.e. $9,736,625,020.63

Grand Total from cash recoveries and recoveries under interim forfeiture (cash and assets) is N1,918,115,129,064.66 [One trillion, nine hundred and eighteen billion, one hundred and fifteen million, one hundred and twenty nine thousand, sixty-four Naira, sixty-six kobo].

According to the statement, which is based on the interim report on the financial and assets recoveries made by the various government agencies from 29 May 2015 to 25 May 2016, the Funds Awaiting Return From Foreign Jurisdictions total $321,316,726.1 (Three hundred and twenty one million, three hundred and sixteen thousand, seven hundred and twenty six Dollars, one cent); 6,900,000 Pounds (Six million, nine hundred thousand Pounds) and 11,826.11 Euros (Eleven thousand, eight hundred and twenty six Euros, 11 cents).

FUNDS AWAITING RETURN FROM FOREIGN JURISDICTIONS

$321,316,726.1 = N63,299,395,041.70

£6,900,000 = N   1,962,843,000.00

€11,826.11 = N          2,605,528.56

——————————————————————————-

Total         = N65,264,843,570.26 i.e. $331,293,622.18

If the grand total from cash recoveries and recoveries under interim forfeiture (cash and assets) is N1,918,115,129,064.83;

And N65,264,843,570.26 are funds awaiting return from foreign jurisdictions;

then the government has in its treasury: N1,909,818,745,494.57 [one trillion, nine hundred and nine billion, eight hundred and eighteen million, seven hundred and forty-five thousand, four and ninety-four naira fifty seven kobo].

That is equivalent of $9,694,511,398.45 [nine billion, six hundred and ninety-four million, five hundred and eleven thousand, three hundred and ninety-eight dollars, forty-five cents.

  N1,918,115,129,064.83

– N        8,296,383,570.26

————————————-

= N1,909,818,745,494.57

or, 

  N1,909,818,745,494.57

/ 197

————————————-

= $9,694,511,398.45

CBN EXCHANGE RATES AS AT 01/06/2016

NGN  x USD;         GBP;         EUR;

197.00284.47220.32

However, the report showed that Non-Cash Recoveries (Farmlands, Plots of Land, Uncompleted Buildings, Completed Buildings, Vehicles and Maritime Vessels) during the period total 239.

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