The attorney-general of the federation and minister of justice, Abubakar Malami, says the federal government has recovered over $700 million looted funds in the past four years.
While speaking at the international conference on illicit financial flows (IFFs) and asset recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Malami reveal that developing countries in Africa lose over $148 billion to corruption annually partly due to IFFs.
The minister said:
“Nigeria, through proactive and collaborative efforts with other countries, has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years”.
“We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”
“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries,”
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