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Friday, June 10, 2011

EFCC recovers N975bn stolen funds in 3 years

Chairman of the Economic and Financial Crimes Commission, EFCC, Mrs. Farida Waziri, has disclosed that the commission recovered N975 billion from economic crimes between June 2008 and March 2011.
Mrs. Farida who made the disclosure in a document presented at the National Assembly interactive session in Abuja said the amount totals recoveries made by the commission from stolen wealth from the both the private and public sector.
She, however, did not mention the individuals and the organisations from whom the recoveries were made.
The document she presented shows that N650 billion was recovered from perpetrators of economic crimes in the banking sector. Another N3.5 billion from taxation, while the sum of N150 billion was recovered from local and foreign firms.
The document further shows that the commission recovered N36 billion as penalty proceeds from multinational companies, while 135.5 billion was recovered from forfeitures, AFF and miscellaneous financial crimes.
The documents also contain four demands from the commission to the members of the seventh National Assembly, in which Mrs. Waziri urged the National Assembly to pass an act creating special courts.
“Our expectation from the seventh National Assembly is that they should consider and expeditiously pass; the non-Conviction based asset recovery bill. This bill is in full conformity with the United Nation Convention against Corruption, UNCAC, to which Nigeria is a party. It is a major weapon in the fight against corruption used by many countries.
“The Special Courts (Establishment Bill), Evidence Act (Amendment) Bill. These laws are a must for a successful anti corruption fight. The National Assembly must speak up against corruption and act and demonstrate total commitment to the fight against corruption,” she said.
Source: Vanguardngr.com

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