We’ve recovered N45b looted funds, identified individuals, companies linked to terrorism – FG

The Federal Government has revealed that it has seized about N45 billion in fraudulently looted national treasury funds.

Several persons and entities associated to terrorist operations have also been identified and designated by the authorities.

The Tinubu administration has also verified that funds linked to these individuals have been seized.

This revelation was made by Mr. Lateef Fagbemi, SAN, Attorney-General of the Federation and Minister of Justice, at the 40th Technical Commission/Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), which was held at the State House in Abuja.

Fagbemi stated,

“We now have over 1,500 officers dedicated to investigating and prosecuting money laundering across these three agencies alone.

“This sustained investment has led to increased numbers of investigations, prosecutions, and convictions consistently since 2021, with 5,118 investigations, 1,509 prosecutions, and almost 500 convictions secured, resulting in over 45 billion naira of illicit proceeds seized.

“We have also made progress in tackling the financing of terrorism and in particular, I am pleased that we have identified and designated a number of individuals and entities linked to terrorist activity and seized funds linked to them.

“The Nigerian Financial Intelligence Unit (NFIU) has become a global model and achieved the outcomes envisaged by the passage of its enabling legislation in 2018, which established it as an independent, autonomous unit.

“The Unit has significantly expanded the scope of financial intelligence it has access to and provides to other competent authorities.

“The Unit has also put in place a number of innovative technologies, including the Crime Records Information Management System (CRIMS), which has transformed our approach to intelligence sharing.”