Proceeds of recovered loots used to finance social intervention scheme

Proceeds of recovered loots used to finance social intervention scheme – PACAC ES

OREDOLA ADEOLA

The President Muhammadu Buhari’s administration has been using proceed of looted assets and funds recovered and auctioned off, have gone into items listed in the social intervention programme of the government.

Professor Bolaji Owasanoye

Professor Bolaji Owasanoye, Executive Secretary, Presidential Advisory Committee Against Corruption ( PACAC) disclosed this on AIT “Focus Nigeria” while speaking on Anti Corruption war of the Buhari’s administration, in a programme anchored by Mr.Gbenga Aroleba on Tuesday, monitored by the Editorials.

According to him, many suspected looters of national assets and resources have been denying ownership of their ill-gotten properties and assets across the country.

He added that it is interesting that looters are denying ownership or disclaiming the properties traced to them by the various anti-corruption agencies.

He also disclosed that proceeds of the recovered assets sold off, including those recovered from former Petroleum Minister Diezani Alison- Madukwe and other civil servants, will be paid into the nation’s treasury and utilized for developmental purposes.

The PACAC Executive Secretary noted that the money which is taken from the treasury is often used to intervene in shortfalls arising from the financing structure of the social intervention scheme.

Owasanoye claimed that more than fifty-five people stole N1.3trillion from the national treasury in seven years under President Goodluck Jonathan’s watch, adding that the PACA has intensified efforts to trace and recover more loots.

According to him, PACAC has designed a Plea Bargain Manual which mandates custodial sentence for all those who plead guilty of looting after returning all they stole.

PACAC said using World Bank rates, one-third of the N1.3trillion allegedly stolen by only 55 people in seven years could have provided 635.18 kilometers of roads, built 36 ultra-modern hospitals in each state, built and furnished 183 schools, educated 3,974 people from primary to tertiary level (at N25.2million per child) and built 20,062 units of two-bedroom houses.

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