President Muhammadu Buhari has recorded another successful recovery of public funds looted by unscrupulous elements.

The recovery was made by the Special Presidential Investigation Panel for Recovery of Public Property (SPIP) which says it has recovered over 4 billion Naira and seven million dollars, about 2.5 billion Naira, loot as well as physical assets in its various operations.

SPIP Chairman, Mr Okoi Obono-Obla, disclosed this in a statement made available to reporters in Abuja on Friday.

Obono-Obla said the seven million dollars was recovered from the previous management of the Nigeria Export and Import (NEXIM) Bank which had “illegally placed” it in Heritage Bank.

The Naira component of the recoveries, according to him, include 533 million Naira and land valued at 1.5 billion Naira also recovered from the former NEXIM management.

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The assets, according to him, have since been returned to the bank.

Obono-Obla said SPIP also recovered 24 million Naira misappropriated by some directors of the National Theatre, and two hectares of land worth 2 billion Naira, belonging to the National Council for Arts and Culture.

Also recovered is part of the Agura Hotel belonging to the Nigerian Ports Authority (NPA), according to the chairman.

“The property illegally annexed by some so-called powerful persons with untouchable connections for over 20 years, have since been returned to the NPA.

“The panel is investigating the failure of a contract awarded to a company to dredge Calabar Channel, after the company had received 12 million dollars,” he said.

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