Buhari’s $30bn loan request should challenge him to recover looted funds – Falana
Source: Daily Post
Activist lawyer, Mr. Femi Falana SAN, has asserted that Senate’s rejection of the Federal Government’s proposed $30 billon loan request should spur the government into investigating criminal diversion of billions of dollars from government coffers.
Recall that the Senate had yesterday rejected the President Muhammadu Buhari-led Federal Government’s $30bn foreign loan request.
The human rights lawyer, in a statement on Tuesday, insisted that if the current government puts more effort towards recovering the huge funds looted by past officials, there will be no need to plunge the nation into “another toxic debt”.
According to him, “A few months ago, I had urged the Minister of Finance to embark on an aggressive recovery policy.
“Apart from acknowledging the letter and assuring me that the letter was receiving attention no measure has been put in place to recover the looted wealth of the nation.
“In frustration I was compelled to submit a petition to the Economic and Financial Crimes Commission to recover the fund and prosecute the indicted individuals and corporate organisations.”
The senior advocate maintained that his petition led to a former governor of the Central Bank demanding an apology.
“Since he admitted that the money was a ‘deposit’ and not a loan I rejected his demand for apology.
“More so that the $7 billion and the bailout of $4 billion given to the same banks in 2008 have not been refunded.
“Curiously, the Asset Management Corporation of Nigeria has not demanded the repayment of the said sum of $11 billion from the banks.”
Speaking further, Falana added, “I have also just confirmed that one of telecommunication companies operating in the country recently engaged in money laundering and successfully but illegally transferred the sum of over $25 billion out of Nigeria.
“Since the Money Laundering Act, 2011, as amended, requires that the entire proceeds of the crime be forfeited to the Federal Government, it is hoped that the highly placed public individuals involved in the criminal enterprise will not compromise the interests of the nation this time around.”