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THE House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loot Movable and Immovable Assets from 2002 to 2020

The Assets Management Corporation of Nigeria (AMCON), has received a total sum of N1, 667,582,605.04 recovered by the Economic and Financial Crimes Commission (EFCC) between 2017 and July 5, 2021. According to AMCON, the funds are recovered loan repayments, which were credited to its account domiciled with the Central Bank of Nigeria for settlement of…

Punch Newspapers Sections Leke Baiyewu and Okechukwu Nnodim Published 25 June 2021 Published 25 June 2021 The House of Representatives’ Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, on Thursday, grilled the Acting Managing Director, Polaris Bank Limited, Innocent Ike, over an account belonging to the Nigerian National Petroleum Corporation. Over $200m was said to have been allegedly hidden in the account, which was opened in ...

By Adedayo Akinwale The House of Representatives has expressed displeasure with the Economic and Financial Crimes Commission (EFCC) over the delay in disposing of the N46 billion assets seized from the former Petroleum Minister, Mrs Diezani Alison-Madueke. The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, Hon. Adejoro Adeogun, expressed his displeasure on Friday when the Chairman of the EFCC, Mr. Abdulrasheed Baw...

  He said though a forfeiture order for assets recovered from the former Petroleum Minister was acquired in 2019, they were yet to be auctioned. Chairman of the Committee, Adeogun had said that the assets could  depreciate in value if kept for so long at time. “Given the financial situation of Nigeria, shouldn’t we just auction these things fast and put the money to use. Why does it take so long to turn these assets into cash to fund the budget?” Adeogun queried. But responding, Bawa said: “Already the Federal Government has set up a committee under the chairmanship of the Solicitor...