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Sagay "FG has opened special account for recovered loot," says Buhari's aide

However, Sagay revealed that N1.9tn in cash and assets, which had been frozen by the Federal Government, were still under legal contention and thus could not be touched.

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The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay, has revealed that a special account had been set up for the recovered looted funds.

According to a report by Punch Newspaper, the President's aide said the Federal Government set up the account to keep the stolen funds it has recovered in the last one year of governance pending the decision to make use of it.

Sagay disclosed that the total sum of N78, 325,354,631.82; $185,119,584.61; £3,508,355.46 and €11, 250, which adds up to over N115.7bn had been saved in the special account after recovery.

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In his words, “An account has been set up for it and at an appropriate time, what is going to be done with the money will be made public. The amount that is available in that account will be announced and what will be done with the money will be publicly announced.

The looted funds were reported to have been recovered by the Economic and Financial Crimes Commission; the Office of the Attorney-General of the Federation; Independent Corrupt Practices and other related Offences Commission and the Department of State Services.

However, Sagay revealed that N1.9tn in cash and assets, which had been frozen by the Federal Government, were still under legal contention and thus could not be touched.

'Regarding the funds frozen under the interim forfeiture, the Federal Government can’t touch it for now because certain cases have not been concluded and the forfeiture is interim because technically, the court can order the release to the owners if the occasion demands it but if it goes the other way, there will be a permanent forfeiture order and that is when the properties would accrue to the government and would therefore be used for the benefit of Nigerians,' he said.

In 2015, President Buhari inaugurated an advisory committee on corruption which was headed by Prof. Itse Sagay.

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