Abuja — Assets whose worth is estimated at about N44,541,702,029.00, including a high brow hotel in Abuja, were yesterday handed over to the Bayelsa State government by the Economic and Financial Crime Commission (EFCC). They were part of the loot recovered by the commission from former governor of the state, Chief DSP Alamieyeseigha, who was jailed for corrupt practices.

The recovered items include Chelsea Hotel located at the Central Area of Abuja, valued at over N2.8 billion in 2007, and another property located at No. 2, Marscibit Street, off Aminu Kano Crescent, Wuse II, Abuja, valued N210,000,000.

Other assets recovered from the former governor and sold include the ones worth N3,128,230,294.83 in Nigeria, $441,000 in the United States of America, 7,000 Euro and 2000 pounds across Europe.

Speaking at the handing over ceremony held within the premises of Chelsea Hotel, Abuja, EFCC Chairman, Mrs. Farida Waziri, said the return of the recovered assets was as a result of painstaking investigation and successful prosecution of the erstwhile governor for abuse of office, corruption and money laundering.

"This is a solemn occasion. There is indeed nothing to celebrate, rather, it is time for deep reflection. This is because the events that culminated in this ceremony today are rooted in serious and grave betrayal of public trust of a high ranking public officer, the governor of a state, Chief DSP Alamieyeseigha, former Governor of Bayelsa State. The assets, which we are returning today are as a result of painstaking investigation and successful prosecution of the erstwhile governor for abuse of office, corruption and money laundering. He was charged, tried, convicted and sentenced by the Federal High Court, Lagos in 2007 and assets worth billions of naira forfeited to the Bayelsa State Government.

"The Commission gathered and sold the assets in Nigeria. The total realised N3,128,230,294.83, $441,000 million, 7,000.00 euros, and 2,000.00 pounds. Besides the money, we are handing over two prime forfeited properties, Chelsea Hotel located in the Central Area of Abuja, valued at over N2.8 billion in 2007, and No. 2, Marscibit Street, off Aminu Kano Crescent, Wuse II, Abuja, valued N210,000,000. We have instructed Diya Fatimilehim & Co., former managers of the hotel to provide you with detailed inventory of assets of the hotel," Waziri said.

Waziri said the money had been remitted to the Central Bank of Nigeria (CBN), in accordance with the law, for onward delivery to the government of Bayelsa State as ordered by the court. She also called on the state government to liaise with the office of the Accountant-General of the Federation to obtain payment.

She said the foreign components of the assets were still in the process of being retrieved with the assistance of the British government and that once that process was completed, the assets would be returned as well to the state government.

"Let me reiterate that these assets were traced, frozen, managed, and finally forfeited at great cost and expense to the Federal Government. Even as the Federal Government is not asking for a refund of the cost, the government of Bayelsa has a responsibility and obligation to utilise the funds transparently and judiciously. It is international best practice to have a utilisation programme for the funds now returned. The Bayelsa State Government is therefore called upon to develop a plan with verifiable projects for use of the funds," she said.

Bayelsa State Governor, Mr Timipre Sylva, while receiving the assets, promised to judiciously use the money and the assets.

"I must say categorically that EFCC is working and I want to thank you all for doing the right thing for us. I will use the money to build a massive plaza, which I will call Transparency Plaza in the midst of Yenagoa Business District. We are transparent and believe so much in dealing with the people in a transparent form. That is why we have a live phone-in programme every Wednesday where everyone is free to call and discuss how the state would go forward with me," the governor said.

Alamieyeseigha was governor of Bayelsa between 1999 and 2005 when he was impeached after he had been arrested and charged in Britain for money laundary offences. He, however, jumped bail and returned to Nigeria.

After his impeachment, he was arrested and tried at a Federal High Court in Lagos and jailed for six months. The court equally ordered that the assets which he illegally acquired from proceeds of corrupt practices and money laundering should be forfeited and returned to the Bayelsa State government .