Human rights lawyer, Femi Falana has said the rejection of President Muhammadu Buhari’s $29bn loan proposal by the Senate will push the government to intensify investigations into diversion of billions from the nation’s coffers.
The senate had on Tuesday rejected the proposal after it was put to a voice vote.
In a statement on Tuesday, Falana said there would be no need for a loan if the government increases its efforts towards recovering looted funds.
He said, “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 organizations.”
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.”