Opinion
Where Are The Recovered Loot?

The story of recovered looted funds is no longer new. At various stages, huge amounts have been announced as either stolen, looted or recovered.
During the immediate past regime of president Goodluck Jonathan, humongous sums were reportedly recovered, especially from the Abacha stash. As he was canvassing for the vote of the electorate in 2015, President Muhammadu Buhari made the issue of looted funds a campaign point, promising to make known the culprits and the amount recovered .
In line with that promise, one year into his regime, the Federal Government announced the recovery of a whopping sum of N3.4 trillion in cash and assets from looters in the country in tweleve months.
Subsequently, there have been other recoveries made from political office holders and some top personalities in the country. Just a few weeks ago , the Minister of Information and Culture, Alhaji Lai Mohammed, disclosed that the sum of $151 million and another N8 billion looted funds were recovered from three sources through the whistle blower policy recently introduced by the Ministry of Finance. That excludes the $9.2 million cash recently recovered from a former General Managing Director of NNPC, Andrew Yakubu.
The sweeping recoveries that the Economic and Financial Crimes Commission (EFCC) claims to have been making since the introduction of the whistle blower policy is mind-blowing.
To think that such reckless stealing has been going on in a country that claims to have laws and yet, there is hardly any successful prosecution, not to talk of conviction, is simply incredible. In civilized climes, many of the culprits would have been facing the wrath of the law by now. But ours is a country where conscienceless, opportunistic elite, after stealing the states and the nation blind, are welcomed with parties and state banquets. But an ordinary person caught stealing a goat spends years in prison.
One finds it a bit worrisome that despite the huge sums said to have been recovered, the economy of the country is still in a very bad shape. We still hear the Federal Government seeking loans from international lenders, including the World Bank and the African Development Bank to meet budget shortfalls and fund badly needed infrastructural projects.
One must not be an expert in economics to reason that if you claim to have over 3.4 trillion naira, there is no justification for borrowing 2.2 trillion naira, an amount far below what you have.
The question then is, where are the recovered loots? Is the recovery a mere propaganda as many people have insinuated?
Last year, Chairman, Presidential Advisory Committee Against Corruption, Prof Itse Sagay, disclosed that despite recovering stolen Nigerian money, President Buhari might not be able to spend the monies on urgent needs of the country due to some legal issues.
Speaking with newsmen he said, “Regarding the funds frozen under the interim forfeiture, the Federal Government can’t touch it for now because certain cases have not been concluded and the forfeiture is interim because technically, the court can order the release to the owners if the occasion demands it, but if it goes the other way, there will be permanent forfeiture order and that is when the properties would accrue to the government and therefore be used for the benefit of Nigerians.”
But if I may ask, how long will it take for these bottlenecks to be sorted out? Eternity? The truth is that Nigerians legitimately deserve to know how the Federal Government had spent or intends to spend the recovered monies.
Should the government have sufficient reasons not to plough the recovered loot into the budget as has been severally suggested, why not invest it in non-oil sectors of the economy, particularly agriculture and solid minerals which are key areas needed to drive the economy and create jobs?
Today, Nigeria has become a dumping ground for all kinds of edible commodities from all parts of the world, including packaged garri from India. I’m sure the $9.2 million recovered from Yakubu can turn around the agriculture sector and save us from this shame. What about building world class hospitals, equipping our schools, empowering small scale industries with part of the recovered loots? Also, the power sector will witness a massive improvement if a reasonable percentage of these monies is genuinely invested in it. Indeed, the recovered loots are enough to revamp the economy if properly and judiciously utilized.
Most importantly, it is high time the government began the arduous task of putting institutional frame-works that will discourage corruption. There are a lot of loopholes in the system that make it possible for political office holders to steal public money.
Yakubu said the $9.2m found in his house came as gifts from people. Painfully, that might be true because the system made it possible. Corruption will always thrive in a system that deliberately prices essential, scarce commodities like petroleum products below market prices. The mess going on with the CBN forex policy will also explode by the fullness of time. The operators all know that the system is faulty and they are happily manipulating it.
Conclusively, as long as those involved in the primitive, mindless looting of the treasury continue to go scotfree, we will continue to have more of such looters.
Calista Ezeaku
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Restoring Order, Delivering Good Governance
The political atmosphere in Rivers State has been anything but calm in 2025. Yet, a rare moment of unity was witnessed on Saturday, June 28, when Governor Siminalayi Fubara and Minister of the Federal Capital Territory, Chief Nyesom Wike, appeared side by side at the funeral of Elder Temple Omezurike Onuoha, Wike’s late uncle. What could have passed for a routine condolence visit evolved into a significant political statement—a symbolic show of reconciliation in a state bruised by deep political strife.
The funeral, attended by dignitaries from across the nation, was more than a moment of shared grief. It became the public reflection of a private peace accord reached earlier at the Presidential Villa in Abuja. There, President Bola Ahmed Tinubu brought together Governor Fubara, Minister Wike, the suspended Speaker of the Rivers State House of Assembly, Martin Amaewhule, and other lawmakers to chart a new path forward.
For Rivers people, that truce is a beacon of hope. But they are not content with photo opportunities and promises. What they demand now is the immediate lifting of the state of emergency declared in March 2025, and the unconditional reinstatement of Governor Fubara, Deputy Governor Dr. Ngozi Odu, and all suspended lawmakers. They insist on the restoration of their democratic mandate.
President Tinubu’s decision to suspend the entire structure of Rivers State’s elected leadership and appoint a sole administrator was a drastic response to a deepening political crisis. While it may have prevented a complete breakdown in governance, it also robbed the people of their voice. That silence must now end.
The administrator, retired naval chief Ibok-Ette Ibas, has managed a caretaker role. But Rivers State cannot thrive under unelected stewardship. Democracy must return—not partially, not symbolically, but fully. President Tinubu has to ensure that the people’s will, expressed through the ballot, is restored in word and deed.
Governor Fubara, who will complete his six-month suspension by September, was elected to serve the people of Rivers, not to be sidelined by political intrigues. His return should not be ceremonial. It should come with the full powers and authority vested in him by the constitution and the mandate of Rivers citizens.
The people’s frustration is understandable. At the heart of the political crisis was a power tussle between loyalists of Fubara and those of Wike. Institutions, particularly the State House of Assembly, became battlegrounds. Attempts were made to impeach Fubara. The situation deteriorated into a full-blown crisis, and governance was nearly brought to its knees.
But the tide must now turn. With the Senate’s approval of a record ?1.485 trillion budget for Rivers State for 2025, a new opportunity has emerged. This budget is not just a fiscal document—it is a blueprint for transformation, allocating ?1.077 trillion for capital projects alone. Yet, without the governor’s reinstatement, its execution remains in doubt.
It is Governor Fubara, and only him, who possesses the people’s mandate to execute this ambitious budget. It is time for him to return to duty with vigor, responsibility, and a renewed sense of urgency. The people expect delivery—on roads, hospitals, schools, and job creation.
Rivers civil servants, recovering from neglect and under appreciation, should also continue to be a top priority. Fubara should continue to ensure timely payment of salaries, address pension issues, and create a more effective, motivated public workforce. This is how governance becomes real in people’s lives.
The “Rivers First” mantra with which Fubara campaigned is now being tested. That slogan should become policy. It must inform every appointment, every contract, every budget decision, and every reform. It must reflect the needs and aspirations of the ordinary Rivers person—not political patrons or vested interests.
Beyond infrastructure and administration, political healing is essential. Governor Fubara and Minister Wike must go beyond temporary peace. They should actively unite their camps and followers to form one strong political family. The future of Rivers cannot be built on division.
Political appointments, both at the Federal and State levels, must reflect a spirit of fairness, tolerance, and inclusivity. The days of political vendettas and exclusive lists must end. Every ethnic group, every gender, and every generation must feel included in the new Rivers project.
Rivers is too diverse to be governed by one faction. Lasting peace can only be built on concessions, maturity, and equity. The people are watching to see if the peace deal will lead to deeper understanding or simply paper over cracks in an already fragile political arrangement.
Wike, now a national figure as Minister of the FCT, has a responsibility to rise above the local fray and support the development of Rivers State. His influence should bring federal attention and investment to the state, not political interference or division.
Likewise, Fubara should lead with restraint, humility, and a focus on service delivery. His return should not be marked by revenge or political purges but by inclusive leadership that welcomes even former adversaries into the process of rebuilding the state.
“The people are no longer interested in power struggles. They want light in their streets, drugs in their hospitals, teachers in their classrooms, and jobs for their children. The politics of ego and entitlement have to give way to governance with purpose.
The appearance of both leaders at the funeral was a glimpse of what unity could look like. That moment should now evolve into a movement-one that prioritizes Rivers State over every personal ambition. Let it be the beginning of true reconciliation and progress.
As September draws near, the Federal government should act decisively to end the state of emergency and reinstate all suspended officials. Rivers State must return to constitutional order and normal democratic processes. This is the minimum requirement of good governance.
The crisis in Rivers has dragged on for too long. The truce is a step forward, but much more is needed. Reinstating Governor Fubara, implementing the ?1.485 trillion budget, and uniting political factions are now the urgent tasks ahead. Rivers people have suffered enough. It is time to restore leadership, rebuild trust, and finally put Rivers first.
By: Amieyeofori Ibim
Amieyeofori Ibim is former Editor of The Tide Newspapers, political analyst and public affairs commentator
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