Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has stated that some of the loot recovered by the Muhammadu Buhari administration is being spent on critical infrastructure in the country.
Bawa stated in an interview with the Daily Trust on Thursday that all funds recovered are kept in confiscated and forfeited property accounts.
Some of the infrastructures where the recovered funds are being spent include the Lagos-Ibadan Expressway, the Second-Niger Bridge, and the Abuja-Kano Expressway.
“With the passage of the POCA (Proceeds of Crime Act), there is a provision in the law that all stakeholder organizations must open confiscated and forfeited property accounts,” he explained.
“As you may recall, the president signed the bill into law on May 12, 2022, to be exact, and we are the first agency to open those accounts.”
“Before the passage of POCA, all federal government funds were placed in the Consolidated Revenue Funds; now, we place them in POCA.”
“We transferred N110 billion to that account, $29 million to the dollar account, over 6 million Euros to the Euros account, and approximately 1.7 million pounds to the pounds account.”
“The president directed that the funds be used to finish the Lagos-Ibadan expressway, the Second-Niger Bridge, and the Abuja-Kano expressway.”