By Kassim Omomia
Minister of Justice and Attorney General of the Federation, Mr Abubakar Malami SAN has told members of the National Assembly to blame themselves for current challenges inhibiting recovery of looted funds and assets, challenging the lawmakers that they been too slow in the passage of the Proceeds of Crimes Bill

He stated that such delay accounted for why the process of recovery looted funds from corrupt public office holders in the country has been cumbersome and a major clog on the wheels of progress in recovery efforts.

Appearing before the ongoing House of Representatives Ad-hoc Committee investigative hearing on Recovery of Looted Funds, Movable and Immovable Assets for Effective Utilization and Management from 2002-2021 at the National Assembly complex in Abuja, Malami said when he assumed office in 2015 as Attorney-General of the Federation, there was no blueprint of government on recovery of stolen funds and assets from corrupt public office holders past and present.

He explained that the needed legal framework for asset recovery-the Asset Recovery and Management Bill , an executive bill still pending before the two chambers of the apex legislature was initiated by him

He, however , regretted the slow pace of the Proceed of Crimes Bill which is still undergoing legislative scrutiny at the legislative institution and admitted that it has affected the passage of the new legal instrument for funds and asset recovery.

On the recovery efforts put up by the Ministry of Justice, he said that they established an asset recovery unit to fast track the process adding that different recovery accounts were opened at the Central Bank of Nigeria for it.

He also said that it is the responsibility of of the agency of government involved in funds or asset recovery to take inventory and status of such funds and or assets.

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He however revealed that in December 2017, a total of $300million was recovered from Abacha’s loot. In May 2020, $311million was recovered from the Ireland of New Jersey USA. Another 5million Euros was again said to have been recovered from the Abacha loot and lately N4, 217M Pounds was received from the Ibori loot from United Kingdom.

According to him, all these funds had been deposited at the Central Bank of Nigeria (CBN) recovery accounts and there are of different such accounts namely :Asset Recovery, Interim Forfeiture and Final Forfeiture for EFCC and ICPC.

When quizzed by the Chairman, House Ad-hoc Committee Hon. Adejoro Adeogun on how much is the total value of what has been recovered so far, Mr. Malami said that there has not been a coordinated way of getting the records of all the recoveries done so far.

On what the recovered funds had been used for as queried by some other lawmakers in the probe panel, he said it had formed part of the budget of the government used to finance the Lagos-Ibadan, Abuja-Kaduna expressway road projects as well as the 2nd Niger Bridge.

The committee revealed that it uncovered from the documents submitted to it that the Office of Attorney General of the Federation had withdrawn a whooping N2bn from the CBN recovery account for the prosecution of war against terrorism and queried the finding

On his part while at the probe panel the Accountant-General of the Federation Mr Ahmed Idris was also queried over withdrawals of N33million, N32million and N20M from the recovery account of the agency at the Central Bank of Nigeria.

Mr. Idris explained to the committee that in 2021 budget of the agency, N33 B was provided for the recovery efforts of the office and it is making payments based on this provision.

Not satisfied with the AGF explanation, chairman of the committee Hon. Adeogun in agreement with other members of the committee demanded another closed-door session with the Accountant-General be done on Thursday to confirm conflicting figures.

The probe panel which continues Wednesday is expected to receive the Central Bank of Nigeria(CBN), Independent Corrupt Practices and other related matters Commission(ICPC) among others.