Pres. Buhari Has Traced Nigeria's Looted Funds To UK, Switzerland, Germany & Others

8 years ago

Pres. Buhari Has Traced Nigeria's Looted Funds To UK, Switzerland, Germany & Others

The Muhammadu Buhari-led Federal Government has started tracing looted Nigerian funds to foreign nations with the aim of recovering and repatriating them back to the country for the use of all.

The Government specifically targets the United States, the United Kingdom, France, Switzerland and other European jurisdictions where it believes corrupt officials have been stashing public funds.

This move came on the heels of the declaration by President Buhari on his first day in Aso Villa office that he inherited an almost empty treasury from his predecessor, Goodluck Jonathan, thus vowing that his administration would recover all the looted funds stashed in foreign banks by corrupt Nigerians.

Buhari has said: “The next three months may be hard, but billions of dollars can be recovered, and we will do our best.”

Femi Adesina, who confirmed the move in an exclusive interview with PUNCH, said the search for looted funds will not be limited to these countries but anywhere in the world where they may be hidden.

He said, “The search will not only cover UK, US, Switzerland, Germany and other known havens for Nigerian looted funds but will cover everywhere under the sun. Anywhere and everywhere that the looted funds are, we have an assurance from the United States of America to assist us to repatriate these funds from anywhere under the sun.”

PUNCH learnt that the Federal Government’s investigation was meant to identify the individuals who engaged in corrupt practices and ascertain the sums of money involved with a view to repatriating them.

The Federal Government is planning to engage the services of foreign private investigators to help trace and find looted funds belonging to the people of Nigeria.

“Everything that needs to be done to get all those funds repatriated will be done, including engaging private investigators,” the Presidential spokesperson added.

Buhari had lamented that Jonathan's men jettisoned all financial and administrative instructions put in place in parastatals and agencies while embracing impunity, lack of accountability and financial recklessness in the management of national resources.

Some of the countries where looted funds from Nigeria have been kept in the past include Liechtenstein, Luxembourg, Switzerland, the United Kingdom and the United States. Others are France, Germany, British Virgin Islands and other tax havens spread across the globe.
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