Speaking with Punch newspaper, the Professor of law said the Federal Government has set up an
account for the stolen funds.
“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.
He added that the decision not to name looters was made in a bid to encourage others, who had stolen, to return money.
“The way I see it, it is more political than legal. It is not
party politics but about conduct. I believe the government feels that if
you name names, those who are about to come out and also bring out
whatever has been looted, would withdraw.
Recovered loots: Why the names of treasury looters were not released – Presidency opens up
“On the legal side, I don’t see the problem that is being talked
about because once a person is going to be charged to court for
corruption or illegally acquiring resources, there is no liability in
announcing it.
“After all, we have been seeing the names of all those accused
and charged. So, the main reason is to encourage others, who are still
hiding their loot and speculating what to do, to come out and hand over
the loot so that the country can recover more of what has been stolen.”
Speaking further, he said the decision not to name looters might also
have been in a bid not to embarrass some Nigerians who received
government funds without knowing that the money was for arms or that the
money was stolen.
“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.
“So, if you are in a situation, where you thought your political
party had raised money legitimately and you were given an amount for the
purpose of campaign, then you may have a strong case against any
criminal charge like the newspapers, who have received money, but you
may be willing to return the money having found out that it was
illegitimately acquired.”
Meanwhile, Presidency has revealed that the recovered loots will be spent on infrastructure.
GEJ’s administration was proudly corrupt and takeaways from recovered loot
According to the special adviser to the President on media and publicity, Mr Femi Adesina, “The
President said it sometimes ago in Kaduna that recovered money would be
spent on the development of infrastructure. The infrastructure includes
roads and railways among others,” he said.
Mr Adesina added: “Nigerians can be assured that the money would be spent transparently and judiciously. They have nothing to fear.
“These funds would be spent to better the lives of Nigerians; this is what this government is committed to.”
Recall that the Muhammadu Buhari-led government revealed that N78, 325,354,631.82; $185,119,584.61; £3,508,355.46 and €11, 250 had been recovered from alleged looters.
According to the FG, the funds were recovered separately by the
Economic and Financial Crimes Commission, the Office of the
Attorney-General of the Federation; Independent Corrupt Practices and
other related Offences Commission and the Department of State Services.
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