The House of Representatives Ad hoc Committee on Assessment and Status of All Recovered Loots on Wednesday grilled the Economic and Financial Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences (ICPC) over recovered loots.
The EFCC Chairman, Abdulrasheed Bawa, who led the commission’s management to the committee’s hearing, said the anti- agency had the available record of the amount recovered.
Bawa, who was asked by the lawmakers on the whereabouts of the $43 million recovered from a residential apartment in Ikoyi, Lagos, in 2017, said the money had been forfeited to the Federal Government.
He said: “Only money forfeited and had gone to the Consolidated Revenue Fund (CRF) account could be utilised by the Federal Government.
“The EFCC only relies on the annual budget for its operational cost. The agency does not take money from recovered loot for operations.”
he EFCC chairman later asked to be excused by the committee to attend to pressing engagement.
The ICPC Chairman, Prof. Bolaji Owasanloye, said the commission had recovered N7.5 billion looted fund, adding that it currently had N2.1 billion left.
He said N5.5 billion had gone to the federal government from the recovered loot.
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