Supreme Court Rules Recovered Looted Funds Exclusive of FG to Have

The Supreme Court has ruled in favor of the central authorities in a long-standing dispute with the 36 state governments over the application of recovered looted funds.

The case, which was decided yesterday, saw the state governments challenging the Federal Government’s decision to utilize the recovered funds for national projects and initiatives, rather than distributing them to the states.

The Federal Government had argued that the recovered funds, which were looted from the national treasury, belong to the federal purse and should be used to benefit the entire country. On the other hand, the state governments had contended that they should have a share of the funds, citing the need to address pressing developmental challenges in their respective states.

However, the court disagreed with the state governments’ position, ruling that the Federal Government has the sole authority to manage and apply the recovered looted funds.

The judgment is seen as a major victory for the Federal Government, which has been working to recover stolen assets and funds in recent years.

The Attorney-General of the Federation and Minister of Justice, who represented the Federal Government in the case, welcomed the judgment, stating that it validates the government’s efforts to recover and utilize looted funds for the benefit of all Nigerians.

“We are pleased with the court’s decision, which confirms the Federal Government’s authority to manage and apply recovered looted funds,” the Minister said. “This judgment will enable us to continue our work in recovering stolen assets and using them to fund critical national projects and initiatives.”

The judgment is expected to have significant implications for the management of recovered looted funds in Nigeria, and may pave the way for the Federal Government to accelerate its asset recovery efforts.

Reacting to the judgment, the Chairman of the Nigeria Governors’ Forum, who represented the state governments in the case, expressed disappointment with the outcome, but vowed to explore all available legal options to challenge the decision.

“We are not satisfied with the judgment, and we will consult with our lawyers to determine the next course of action,” the Chairman said. “We believe that the state governments have a legitimate claim to a share of the recovered looted funds, and we will continue to advocate for the interests of our people.”

The case has sparked intense debate and discussion among Nigerians, with some hailing the judgment as a victory for the Federal Government’s anti-corruption efforts, while others have expressed concerns about the implications for state governments and the distribution of resources.