NLNG Corporate Excellence banner First bank campus storm Fidelity bank card banner Emerald Energy Institute Camano banner

Reps pledge support towards recovery of $458m looted funds in USA

By News Express on 09/10/2016

Gmail icon

Views: 1,504


The House of Representatives have pledged support towards the recovery of the sum of $458 million looted in Nigeria and forfeited to government of the United States of America.

To this end, the House unveiled plans to interface with the Attorney General of the Federation and the Minister of Justice, Abubakar Malami to meet the U.S. Congress men and women who initiated the repatriation move.

The resolution was passed sequel to the adoption of a motion of urgent national importance sponsored by Johnson Agbonayinma (PDP-Edo), who raised alarm over the tendency of Nigeria losing the sum of N128 billion from other looted funds if proactive steps are not taken.

Some of the lawmakers who spoke in favour of the motion are Beni Lar (PDP-Plateau); Jide Jimoh (APC-Lagos) and Mohammed Wudil.

In his lead debate, Agbonayinma noted that in 2013, as part of its Kleptocracy Asset Recovery Initiative, the United State Department of Justice commenced forfeiture proceeding to confiscate $550 million that had been corruptly obtained.

“A portion of the loot valued at $458 million that belongs to Nigeria had now been forfeited to US by a judgment of the district court for the District of Columbia,” he said.

According to him, in August 2014, following assets traced by United States Department of Justice in conjunction with counterparts in the UK and France, properties were discovered to be proceeds of corruption originated from Nigeria.

He added that the US Department of Justice had earlier confiscated and returned over $168 million to victim nations.

“Asset recovery is a fundamental principle of United Nations Convention against Corruption where high level corruption had plundered the national wealth, and where resources are badly needed for reconstruction and the rehabilitation of societies under new government.

“Whereas in the case of the embezzlement of public funds, one of the manners in which the confiscated assets could be disposed of is as compensation to the victims affected by the underlying crime,” Agbonayinma said.

He however, expressed dismay that one Attorney Godson Nnaka, without proof of mandate from the Federal Government, was laying claim to 40 percent of the forfeited assets in the amount of $458 million by instituting a claimant suit in court.

On her part, Beni Lar (PDP-Plateau) applauded the motion, cautioning that the allegation was very serious and that there should be proper investigation before jumping to conclusion.

Jide Jimoh (APC-Lagos) emphaised the need for the repatriation of the funds to avoid being hijacked by the cabals.

“It should be repatriated to the country. The country is not broke, rather its money is left outside and should be brought back,” he said.

•Sourced from Business Day (Nigeria)

Source News Express

Posted 09/10/2016 2:57:34 PM

 

 

CLASSIFIED ADS

 

You may also like...
Experts identify ways to win war against malaria...

Abe condemns election of Rivers Minority Leader by...

NEMA records 1,037 emergences in FCT

Herdsman arrested over murder of 16 in Plateau...

10,000 NSCDC personnel undergo counter-terrorism training

Aborted coup in Anambra: We didn’t get notice...

El-Zakzaky, DSS Suit: Court asks parties to explore...

Explosion rocks Owerri •How we escaped death —Ex-Gov’nor...

Jonathan’s police guards in trouble for stealing property...

Ambode lied; I was not arrested in America:...

DSS not empowered by law to arrest, says...

Niger Delta group petitions EFCC over nonpayment of...

 

Latest News Abduction: Kano Govt issues red alert to parents, guardians Exodus hits Bayelsa Govt., PDP ahead of Nov. 16 guber election •Ex-Deputy Governor dumps party for APC Minimum wage: Prepare for strike, NLC tells state councils Aisha Buhari: Why I had a prolonged stay abroad Men not exempted from breast cancer screening – Oncologist FG earmarks N792m for internet, live TV on presidential jet High cost of governance, lawmakers rebuff reform, mock Okorocha As electorate challenges Obiano on campaign promises Oil theft: Reps to summon service chiefs, NNPC Businessman slams N150m suit on Immigration over loss of passport Rain of tears: Flood sacks Lagos, part of Ogun We won’t embark on new road projects until… – Fashola

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (550,237 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,065 views) Shameless Genevieve Nnaji exposes breasts in public (394,483 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,156 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (298,683 views) 10 cars more expensive than Jets (262,462 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (255,900 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,133 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,593 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (220,706 views) Lagos plane crash: Journalist releases victims’ names (198,357 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,615 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (104) Business & Economy (4,486) Business Verdict (84) Columnists (1,126) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (689) Features (829) Global Business Monitor (462) ICT Monitor (65) International (4,064) Interview (204) Live Commentary (30) Love Matters (173) Maggie's Blog (444) News (52,582) Opinion (1,393) Pidgin (17) Politics (11,557) Religion (1,109) Sports (2,192) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera