We don’t have the capacity to recover looted funds – Presidency

President Muhammadu Buhari’s fight against corruption is set to encounter stumbling blocks, especially in the recovery of stolen public funds and prosecution of former government officials responsible for the larceny, the presidency has said.


This was contained in a letter by the Presidential Advisory Committee on Corruption, PACC, to a United Kingdom, UK, based anti-corruption organization, ‘Global Witness’. It revealed that due to the fall in crude oil prices and the general economic downturn, the Buhari-led government lacked the needed funds to pursue recovery of loots.

The letter, dated February 15, 2016, was signed by the Executive Secretary of PACC, Bolaji Owasanoye, and directed to the Director, Global Witness, Simon Taylor.

It stated that the commitment of the government to tackle Boko Haram insurgency, fight corruption and improve the livelihood of Nigerians through job creation, was being hampered by the dwindling oil revenue and mounting debts.

Owasanoye, argued that the economy could not be revived simply by improving revenue generation, without wiping out corruption and recovering money stolen by former officials.

He said ongoing investigations into the diversion of arms funds by the former National Security Adviser, NSA, Sambo Dasuki, and ex-military chiefs, show that significant amount of the money needed by the government to alleviate poverty were still in “the pockets and bank accounts of looters of public funds”.

“Even in cases where service will be given on contingency basis, the initial seed fund required to start the process is not affordable. As a result, the action the government urgently seeks to take is being stymied,” Owasanoye wrote.

He argued that the government’s capacity to pursue all potential cases would be greatly boosted by the creation of an Assets Tracing, Recovery and Litigation Fund from which lawyers, investigators and forensic auditors will be paid.

He added that the government was also working on an arrangement where professionals engaged, would be paid only on successes recorded.

“Once engaged, government can negotiate with the professionals to earn only success fees. Each professional engaged will secure its own litigation funders to support their briefs.

“This fund is supporting the mandate of the Presidency Advisory Committee on Corruption which is co-coordinating the anti-corruption effort of the government and promoting improved criminal justice administration.

“In light of the very dire economic situation of the moment, this support and the proposed Assets Tracing, Recovery and Litigation Fund, is crucial to government’s ability to get recovery assets to support social welfare projects for the impoverished majority of Nigerians.

“Furthermore, funding support will enable government to use money that would have otherwise gone to professionals for assets recovery for other social protection projects,” He wrote.