The 2019 audit report has revealed that the Central Bank of Nigeria recorded zero naira (nil) as recovered funds between 2016 and 2019.
The report revealed that no amount was stated by the apex bank as a recovered fund and the management of the bank confirmed with a response that there was no inflow between the period of January 2016 and December 2019.
According to the federal government it made the following recoveries in 2016 “the Nigerian government made the following statement; “The Federal Government made cash recoveries totalling N78,325,354,631.82 (Seventy-eight billion, three hundred and twenty-five million, three hundred and fifty-four thousand, six hundred and thirty-one Naira and eighty-two kobo); $185,119,584.61 (One hundred and eight-five million, one hundred and nineteen thousand, five hundred and eighty-four US dollars, sixty-one cents); 3,508,355.46 Pounds Sterling (Three million, five hundred and eight thousand, three hundred and fifty-five Pounds and 46 Pence) and 11, 250 Euros (Eleven thousand, two hundred and fifty Euros) from 29 May 2015 to 25 May 2016.”
But according to the report, since then, the country has not made any recoveries.
This appears contradictory, in 2018 the Nigerian government was quoted as stating that $322 million stolen by former military head of state, Sani Abacha was returned by Swiss Authorities.
In 2019, the former Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, was quoted as stating that the commission under his leadership in four years recovered more than N794 billion and have ensured hundreds of properties forfeited to the government.
There are arguments that perhaps “recovered monies” cannot be captured as so in CBNs books because no court has declared the monies forfeited. But if the monies are in CBNs coffers, what are they captured as?
With Nigeria already ranked low on Transparency index, this development further hampers and asks serious questions about the country’s anti-corruption drive and its readiness for fiscal transparency.