Generally, people have continued to wonder why the Economic and Financial Crimes Commission, EFCC, has not been able to punish all the politicians it has accused of dipping their hands in the cookie jar.

But few have really bothered about how much the anti-graft agency had recovered since 2015 when the current administration of President Muhammadu Buhari came on board.

On Wednesday, the Acting Chairman of the Commission disclosed that it recovered loots totaling 738.9 billion Naira or $2.9 billion between May 2015 and October 20, 2017.

The Acting Chairman, Mr Ibrahim Magu, gave the figure while speaking at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

Spokesman for the commission, Mr Wilson Uwujaren, also gave account of Magu's engagement in a statement in Abuja on Wednesday.

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In a presentation entitled: "International Cooperation in Relation to Technical Assistance: The Nigerian Experience", Magu said the sum was exclusive of smaller currencies in Dirham, CFA franc and British Pound.

He stated that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

"Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in Naira.

"These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria's former Minister of Petroleum and 2 billion Naira spread in 7 accounts within 3 Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts," he explained.

But the question that remains on everyone's lips is, what is being done with this recovered loot?

The government has said it would fund part of the deficit in the 2017 Budget with a percentage of recovered funds.

A whistle blower strategy that gives a percentage of any recovered loot to the informant has aided the recovery of looted funds too, but Nigerians will want to see projects tagged to these funds to show what they are being used for.  

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