Over $700m stolen funds returned to Nigeria in last four years —Malami

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has disclosed that Nigeria repatriated over $700 million stolen funds within the past four years.

Malami also lamented that developing countries in Africa lose over $148 billion to corruption annually partly due to Illicit Financial Flows (IFFs).

The AG made this disclosure on Wednesday at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

He said, “Nigeria, through proactive and collaborative efforts with other countries has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years.

“We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”

Malami also noted that the illicit movement of huge funds out of Africa has resulted in underdevelopment and insecurity across the continent.

“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries,” he stated.