The President of the Senate, Dr. Abubakar Bukola Saraki, on Tuesday accused the country’s anti-graft agencies of scuttling the Federal Government’s efforts to recover looted funds in foreign countries.
Saraki, who hinged his argument on the mismanagement of looted funds by the anti-graft agencies, stressed that several assets recovered were re-looted by the agencies in Nigeria.
Saraki, who spoke at one-day strategic retreat on tackling the slow progress of anti-corruption bills in the National Assembly, added that due to the mismanagement of the looted funds, President Muhammadu Buhari decided to inaugurate an audit committee for the assets recovered by anti-graft agencies.
The Senate President, who was represented by the Deputy Leader of the Senate, Bala Na’Allah, said: “Nigeria is finding it difficult to convince other nations to return funds looted from our treasury.
“This is because of other nations’ exasperation over the management of returned assets.
“Only recently, Mr. President inaugurated a committee to audit all assets recovered by various government agencies.
“The National Assembly has been strident about the opacity shrouding the management of recovered funds, which in many cases get reported by the agencies that investigated and recovered them.
“An Ad-hoc committee of the Senate, which is investigating some administrative infraction in the Executive, has discovered that many properties recovered from fugitives from the law, have not been accounted for by the investigating agency.
“This gives global community great concern about the commitment of Nigeria to the anti-corruption drive.”
Speaking earlier at the retreat, the Chairman of the committee, Senator Chukwuka Utazi, stated that Nigeria’s struggle against entrenched corruption is a global concern.
Utazi, who expressed dismay with the suspension of Nigeria by the Egmont Group of Financial Intelligence Unit, lamented that it would greatly impede the fight against corruption in Nigeria.
He said: “The suspension activated the immediate shutdown of the EGMONT secure Web against Nigeria, with the implication that Nigeria can no longer exchange sensitive information with about 172 other member countries in order to carry out investigative and regulatory responsibilities as they affect local and international issues bothering on money laundering, terrorism financing.
“This has dreadful consequences on sharing criminal intelligence and financial information bothering on money laundering, terrorism financing, proliferation of arms, corruption, financial crimes, economic crimes and such like offences geared towards the support of local and international investigations, prosecution and asset recovery.”
In his own remarks, the Director of Africa network for Environment and Economic Justice, Rev. David Ugolor, revealed that the Federal Government is at the final stage of recovering $321 million of Abacha’s loot in Swiss banks.
Ugolor applauded the Federal Government for its steadfastness in ensuring the money is recovered.
According to him: “The return of $321 million Abacha loot is at the final stage.
“We want to commend the Federal Government for making sure that the country takes recovery of Abacha’s loot in Swiss bank.”