Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Monday briefed the House of Representatives on the efforts made so far by his Commission in the recovery of looted funds.
Magu did when he appeared at a budget defence session convened by the House of Representatives Committee on Financial Crimes at the National Assembly in Abuja.
He informed the lawmakers that total asset recoveries by the anti-graft agency was more than N473 billion, $98 million, €7 million, and £294,000 among others between January and December 2017.
Giving a breakdown of the figures, Magu highlighted the final forfeiture of N32 billion and $5 million to the coffers of the Federal Government by a former Minister of Petroleum Resources, Diezani Aliso-Madueke.
The monies also included the recovery and final forfeiture of N449million discovered at Legico Plaza in Victoria Island, Lagos, as well as the final forfeiture of more than $43million discovered in an apartment in Ikoyi area of the state.
The EFCC chair said they recovered more than N329 billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.
Others, according to him, include the Nigerian Ports Authority recovery of €6.6 million, recoveries of about N1.1 billion on behalf of AMCON, and the recovery of subsidy fraud funds of more than N4 billion.
He told the lawmakers that details of the recoveries had since been forwarded to the secretariat of the committee.
Magu also briefed the committee on the performance of the 2017 Budget of the anti-graft agency, as well as its budget for 2018.
He noted that the major challenge in the implementation of the capital estimates was the late and insufficient release of funds appropriated.
He lamented that funds have not been released for the furnishing of the new head office complex of the agency expected to be handed over in March and sought the intervention of the lawmakers.