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n a recent revelation, the Socio-Economic Rights and Accountability Project (SERAP) has raised alarm over the alleged disappearance of recovered stolen public funds from the Central Bank of Nigeria (CBN). The funds, reportedly recovered during the tenure of the immediate past government of Muhammadu Buhari, are said to be unaccounted for, sparking concerns about transparency and accountability in Nigeria's governance.
According to SERAP, the missing looted funds came to light when the management of the CBN could not provide a satisfactory account for them. The Auditor-General of the Federation has since demanded that the CBN explain the whereabouts of these funds, which were recovered between 2016 and 2019.
This development has cast a shadow over the Nigerian government's efforts to combat corruption and recover stolen assets. The Human and Environmental Development Agenda (HEDA Resource Centre) had previously questioned the government's claims regarding the amount of looted funds recovered between 2015 and 2022, indicating a lack of clarity and transparency in the process.
The Buhari government, however, has maintained that over one billion dollars in looted funds were recovered during its tenure, with the former Attorney-General and Minister of Justice, Abubakar Malami, asserting that these funds were deployed to various sectors of the economy, including poverty alleviation.
The revelation of missing recovered funds raises serious concerns about the effectiveness of Nigeria's anti-corruption efforts and the need for greater transparency and accountability in governance. It underscores the importance of robust mechanisms for tracking and managing recovered assets to ensure that they are used for their intended purposes and do not fall back into the hands of corrupt individuals.
As Nigeria continues to grapple with the challenges of corruption and economic development, addressing these issues is crucial for building public trust and fostering sustainable growth and development. The government must take urgent steps to investigate the disappearance of these funds and ensure that those responsible are held accountable.
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