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Why recovered loot can't be spent just yet

06 June 2016, 09:46

Abuja - President Muhammadu Buhari has been advised against spending recovered loot on urgent needs in the country due to legal issues, Naij reports.

Professor Itse Sagay, Chairman of the Presidential Advisory Committee Against Corruption, has indicated that despite the Federal Government having set up a separate account for the loot, legal issues would prevent Government officials from using the money where it is needed most, Punch reports.

"Regarding the funds frozen under the interim forfeiture, the Federal Government can’t touch it for now because certain cases have not been concluded and the forfeiture is interim because technically, the court can order the release to the owners if the occasion demands it but if it goes the other way, there will be a permanent forfeiture order and that is when the properties would accrue to the government and would therefore be used for the benefit of Nigerians," Professor Sagay said.

Also read: Nigerians attack Buhari over loot report, point out inaccuracies

While speaking on names having not been included in Government's report, Sagay indicated that the move was made in order to encourage mnore looters to come forward and return stolen funds.

Speaking further on the issue, the Professor also stated that the decision was taken as a means to prevent embarrassment among those who have stolen money from Government offices in the past.

"There are some people who actually received those assets and money without knowing that it was stolen or whose knowledge of the source would be very difficult to establish," Sagay stated.

Read more at Naij

- News24


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