The Economic and Financial Crimes Commission has recovered more than $2 trillion (about N400trn at current exchange rate) looted from the national treasury.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN said this at an annual conference on financial fraud, cyber-crime and other cross-border crimes in Abuja on Tuesday.
He said that in 1998 alone, the late former Head of State, General Sani Abacha, laundered over $2million, which made the country to come under severe attacks from the international community.
“Political and economic sanctions were imposed on the country to pressurise the military regime at the time to create an enabling environment for democratic election.
During this period, the Nigerian financial system suffered crisis of confidence, caused in part by the inability of the financial supervisory authorities and the enforcement agencies to prevent the abuse of the financial system and enforce national and international financial laws and regulations.
“It is estimated that General Abacha alone laundered more than USD2 million during this period. It was not just the financial system that broke down under severe mismanagement but also the justice system due to lack of comprehensive legal framework, weak law enforcement agencies, ill equipped judiciary, and the over-crowded court system. These were just a few of the problems that contributed to the high rate of economic and financial crimes in Nigeria,” he said.