The Economic and Financial Crimes Commission EFCC, The Independent Corrupt Practices and Other Related Offences Commission ICPC on Wednesday, appeared before the House of Representatives Adhoc Committee on Assessment and Status of All Recovered Loots and answered questions bordering on recovered loots.
Others questioned by the House Committee include; the Nigeria Security and Civil Defence Corps (NSCDC),Nigeria Sovereign Wealth Fund among others in Abuja.
In his response, The Chairman of the EFCC,Mr Abdulrasheed Bawa, said that he was yet to refresh his memory regarding the total amount recovered by the agency.
Bawa however, disclosed that the agency had the available record of the amount recovered.
Answering questions on the much celebrated $43 million loot recovered from Ikoyi in 2017, Bawa said that the money had been forfeited to the Federal Government coffer.
According to him, only money forfeited and had gone to the Consolidated Revenue Fund (CRF) account could be utilised by the Federal Government.
He said that the EFCC only relied on the annual budget for its operational cost, adding that the agency does not take money from recovered loot for operations.
Bawa drew the irk of the lawmakers when he pleaded that he should be excused to attend to a more pressing engagement.
The Chairman of the Adhoc Committee, Adejora Adeogun, told the EFCC chairman that he was undermining the power of the committee, but Bawa immediately pleaded for understanding.
Adeogun however, asked him to go for the meeting but must return at 3:00 p.m to answer questions.
On his part, The ICPC Chairman,Prof Bolaji Owasanloye, , said the commission had recovered N7.5 billion looted fund, but currently had N2.1 billion left.
He said that the sum of N5.5 billion had gone to the Federal Government from the recovered loot,adding that it was disturbing that the system of assets recovery had not been efficient in terms of record.
Owasanloye said that the ICPC had an assets recovery account where recovered loots were usually deposited, stating that the commission had no business with consolidate revenue fund.
He said that the account of the commission was opened and always accessible to the Federal Government and the Minister of Finance.
The ICPC chairman stated that there were assets the commission would not dispose off until investigations were concluded and the fund remitted to the government coffer.
According to him, if government losses the case, the assets will definitely go back to the owners.
Mr Uche Orji, the Managing Director, Nigerian Sovereign Wealth Fund, said that no money recovered had been spent.
He added that about $311 million had been recovered by the agency but had been kept with the Central Bank of Nigeria (CBN)
He was however asked to come back for further clarification for failing to provide some documents that could aid in the investigation.
Mr Ahmed Audi, the Commandant General of NSCDS, explained to the commitee that the invitation letter to the corps for it to appear over recovery loot was not cleared, but had to seek interpretation from its legal department.
Audi asked for one month period of grace for the NSCDC to re appear before the committee but was asked to report in two weeks.
