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Friday, 13 May 2016

EFCC recovers $600bn in 6 months

The chairman of the House of Representatives Standing Committee on Financial Crimes, Hon. Kayode Oladele, said this yesterday, noting that the public need to understand that not all recovered loot are immediately forfeited to the FG as they remain exhibits until when a judicial pronouncement is made by the court.

His words: “Unless somebody voluntarily says ‘this money is stolen’ and he is really giving it up, any money collected by EFCC, unless there is voluntary admission of guilt, is still regarded as an exhibit for the purpose of conviction. EFCC cannot just collect money and begin to pay into national treasury.

What if at the end of the day the person is acquitted? EFCC operates a Recovery Account where the recovered funds are deposited to yield compound interest. An accused will get his money back with accumulated interest in the event he or she is not convicted.”

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