Category Archives: Money

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BREAKING: Finally, Buhari reveals information on recovered loots, (photos)


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The presidency finally revealed the first set of information on loot recovered during the first year of President Buhari’s administration
Apart from cash in different currencies, the administration also recovered assets from looters
The president has vowed to continue the war against corruption
The president Muhammadu Buhari-led federal government has finally released the first set of information on loot recovered during his administration.
The president was expected to give this information during his address on May 29 which commemorated his first year in office but it was later revealed that this would be done through the office of Mr Lai Mohammed, who is the minister of information and culture.
In a statement issued by the minister on Saturday, June 4, it was revealed that the country had recovered N78,325,354,631.82 and also $185,119,584.61. Also 3,508,355.46 Pounds Sterling and 11, 250 Euros were also recovered between May 29 2015 and 25 May.
Read the full statement issued via the presidency office below:
The Federal Government made cash recoveries totaling 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.
In a statement in Lagos on Saturday, the Minister of Information and Culture, Alhaji Lai Mohammed, also disclosed that Recoveries Under Interim Forfeiture (cash and assets) during the period totaled N126,563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million, four hundred and eighty one thousand, and ninety five Naira, forty three Kobo; $9,090,243,920.15 (Nine billion, ninety million, two hundred and forty three thousand, nine hundred and twenty Dollars, fifteen cents; 2,484,447.55 Pounds Sterling (Two million, four hundred and eighty four thousand, four hundred and forty seven Pounds, fifty five Pence) and 303,399.17 Euros (Three hundred and three thousand, three hundred and ninety-nine Euros, 17 cents ).
According to the statement, which is based on the interim report on the financial and assets recoveries made by the various government agencies from 29 May 2015 to 25 May 2016, the Funds Awaiting Return From Foreign Jurisdictions total $321,316,726.1 (Three hundred and twenty one million, three hundred and sixteen thousand, seven hundred and twenty six Dollars, one cent); 6,900,000 Pounds (Six million, nine hundred thousand Pounds) and 11,826.11 Euros (Eleven thousand, eight hundred and twenty six Euros, 11 cents).
It showed that Non-Cash Recoveries (Farmlands, Plots of Land, Uncompleted Buildings, Completed Buildings, Vehicles and Maritime Vessels) during the period total 239.
The following is the breakdown of the recovered cash and assets:

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#In_Lagos_Brothers_nabbed for #producing_fake_Naira_notes


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However, Hope Ihesiaba denied producing fake Naira notes saying, it was his friend, Odiyi, in Aba, Abia State who was involved in such illicit act.

Hope Ihesiaba and his brother, Ifeanyi, have been arrested by the men of the Nigerian police for their alleged involvement in production of fake Naira notes and a syndicate.
Punch Newspaper reports that the Ihesiaba brothers, who are members of a syndicate that produces fake Naira notes, were nabbed on Oluwakemi Street, in the Ojodu Abiodun area of Lagos State.

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It was further reported that the suspects were arrested by the Isheri Police Division on Saturday, May 28, 2016 after the police were tipped-off by a trader who alleged that the suspects spent fake N1,000 notes at her store and the operatives swung in on them.
80 pieces of fake N1,000 notes – amounting to N80,000- two laptops, a sledge hammer and a cutlass were said to have been recovered from the suspects’ house after a search was conducted before their arrest.
However, Hope Ihesiaba denied producing fake Naira notes saying, it was his friend, Odiyi, in Aba, Abia State who was involved in such illicit act.
The 33-year-old suspect said, “I do not produce fake naira notes. I have a friend who does that. His name is Odiyi, and he sells in a market in Aba.”
Continuing, he said, ‘I gave him N28,000 real money and he gave me the N80,000 fake naira notes. I knew the money was fake; but I did it to help myself. I gave my brother parts of the money. He in turn gave some to two of his friends. I am not married. I just needed money and I was tempted to collect the notes.’
Meanwhile, the police had reportedly launched a manhunt for Odiyi, the Aba trader, who is alleged to have been producing the fake notes.
The Lagos State Commissioner of Police, Fatai Owoseni, confirmed the arrest saying investigation is currently ongoing.

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Source: Pulse.ng