Tag: Abacha

  • Re: Rawlings and Abacha’s blood money

    As one who spent his early years in Ghana in the period prior to and during J.J. Rawlings’ first coming, I’m of the generation that idolised him, not just for his revolutionary fervor but also for his commitment to return power to the people. Therefore, I feel a profound sadness at the truth you have highlighted in your lovely piece. For me, it simply conveys the truth of Abraham Lincoln’s assertion that ‘No man is good enough, or wise enough, to rule his fellow man without his consent.’

    Austin Inyang

    I was at the Ground House reception in Night Shift Colliseum where Ken Calebs Olumese hosted Rawlings some years ago. Rawlings made a fantastic speech but when he spoke about Nigerian Corruption I felt ashamed but told my friend that Nigeria and Nigerians deserved the opprobrium the Former President and Head of State poured on us that night. Movers and shakers of business and politics of Nigeria were seated and indeed wined and dined with Rawlings and his family that night. His daughter even took the mic and sang with the band of Sunny Nneji. Little did I know the very same Rawlings had been a beneficiary of the corruption he so rubbed on Nigeria’s face. And the beautiful daughter and wife didn’t know their murderer-dad and husband was a very black pot calling the kettle black! I read the disgraceful interview in The Guardian. And I wept. When he referred to Ayi Kwei Armah’s “The Beautiful Ones Are Not Yet Born”, his five fingers were inexorably pointing at himself and the fact that he spoke as if he did not know that the joke was on him was more pathetic. I had thought Rawlings was a fallen angel, but I have just realized he is a shameless hypocrite! At the Colliseum that night at Ikeja, our very own Reuben Abati was the Master of Ceremony and he acquitted himself the way only himself knows best to do. I am expecting his take on this disgraceful interview that Rawlings wanted to use to launder his image but which has backfired so badly like a faulty dynamite belt on a misguided suicide-bomber. An area for further intellectual analysis by the media and forensic exploration by EFCC is the gamut of un-receipted transactions of presidential colouration which should span a few regimes backward than the present circumscribed horizon. It is very interesting to know that there are some special messenger jobs in Nigeria where 60% of largesse is kept by the messengers while the designated recipient gets 40% and the transaction is recorded as 100% delivered! That’s what the $5m sent Rawlings but $2m delivered means. Don’t ask me. If you asked me, because “I no know book o.”

    Austin Isikhuemen

    The new world order is a continuous process, hence the emergence of the calibre of Mrs. Catherine Agba and Mrs. Yemi Keri (YK). We should not be waiting till after their death before appreciating the golden ones, especially the ladies. A writer recently asked, “How distinguished are our Senators?” Mrs. Agba and Keri are really distinguished Nigerians. Not like our distinguished treasury-looters. Edo State or Nigeria should lure their likes into service in order to rekindle our ailing institutions and not into politics to be corrupted. Brexit must have been divinely ordered for quiet women’s revolution. From Merkel to May to Hillary. “Male and female, He created them” (Gen. 1:27). “then God blessed them.”

    Elder L. O. David, Econ Alaaye, Ekiti: 08059096244

  • Rawlings and Abacha’s blood money

    Like a witch undergoing the last purgation at death’s door, J J Rawlings’ tongue dramatically came unhinged last week in a fit of abominable rant, thereby diminishing whatever remained of his moral capital as possible hero of post-colonial Africa. He granted an exclusive interview to The Guardian published last Sunday. But by dabbling in the Nigerian affair in a manner that exposes shallow understanding of the nation’s history and greed for dollars, the man once fondly called “Junior Jesus” only succeeded in giving himself away as perhaps the ultimate political Judas.

    In retrospect, regardless of his canonization in the 80s and 90s in some quarters, there remains some murky aspects of Rawlings’ twenty-year reign in Ghana that the tide of history simply cannot sweep out of human memory. True, his political career – first as military lawgiver and later an elected president – was remarkable in populism. But beside that also is the tale of mass murder and impunity. Hundreds of opposition figures including outspoken journalists and independent-minded Supreme Court judges were assassinated or disappeared.

    Sadly, their unresolved cases are now more or less classified as part of Ghana’s political folklore. What all of this then fed in turn over the years was Rawlings’ sense of impunity. The underlying narcissist complex was very much on display in The Guardian interview under reference where he tried, though in futility, to rehabilitate the tainted memory of his benefactor and Nigerian dictator, Sani Abacha, whom he presented in flattering terms as “one hell of a nationalist and very patriotic” who “saved the country”.

    But when Rawlings chooses to speak so loftily of otherwise discredited Abacha, ascribing to him more or less the toga of a messiah, even after it had become public knowledge that he once received $2m ($5m?) bribe from the Nigerian despot, the joke is actually on the former Ghanaian president. At the last count, what Abacha stole and stashed away in foreign vaults was conservatively put at $5b. Now, all that the three former heads of state of Ghana were accused of embezzling and for which they were in 1979 summarily “sprayed like mosquitoes”, to borrow Rawlings’ own euphemism, is not up to five percent of Abacha’s loot.

    The eight top military officers Rawlings had executed in the great purge of 1979 without fair trial included Rear Admiral Amedume and General Roger Felli whose only crime was leveraging their official status to take bank loan! But the great Rawlings who often boiled in rage with blood-shot eyes at the mention of corruption while in power suddenly began to act funny few years ago when one of his political disciples, Tsikata Tsikata, was jailed by a succeeding administration over impropriety reportedly costing Ghanaian taxpayers a fortune. In a fit of anger, he sent invitations to journalists to a world press conference to lambast the executive and the judiciary for their temerity. Only for the session to be called off suddenly before the scheduled take-off.

    The story is told that Rawlings was tipped off that some of the journalists came armed with a mischievous question: whether he ever heard of the old story of eight officers killed in 1979 over alleged corruption. Of course, in a way, the leaking in 1998 of Abacha’s multi-million dollar bribe to Rawlings had confirmed the misuse and abuse of the nation’s resources in the deluded pursuit of influence or favour. By Rawlings’ confession, the donation was unsolicited. All he saw was a car pulling up and someone attempting to drag out a suitcase laden with dollars, right there in the open in Accra. Out of public decency, he reportedly waved the guy to hold it.

    He saved his next word till they had walked to a discreet corner. When he finally confronted Abacha’s emissary who he identified in The Guardian interview as Ismaila Gwarzo (then National Security Adviser) and described as “noble, quiet-looking, respectable-looking”, Rawlings claimed he was told the largesse was from Abacha. (With another NSA currently embroiled in the scandal of sharing $15b arms funds, we now know the seeds of infamy were sown in that office long ago.) NOW, listen to the sleazy words addressed to Gwarzo by the sitting president of a whole nation after apparently losing selfinhibition at the sight of mint-fresh dollars, sounding more like the would-be receiver of a stolen valuable weighing the risk: “I hear you people don’t provide assistance without the world hearing it with a twist.

    ” Then, he added: “Don’t think that when you bring this, whatever it is, that would shut me up from criticizing if I think you are wrong, or if I disagree”. To this “conditionality”, Rawlings quoted Gwarzo as retorting: “Sir, we need you more than you need us.” Well, the visiting NSA could not be more forthright. Abacha’s dollars was to buy the conscience of Rawlings and other African leaders as tyranny deepened in Nigeria. Against that backdrop, it then becomes easier now to situate the conspiracy of silence among the nation’s neighbours in the west coast and indeed across the African continent while sheer terror was being unleashed on the opposition in those dark days.

    Three kinds of fate awaited dissents then: grave, gulag or exile. Ostracized by the civilized countries over the June 12 crisis, the diminutive tyrant holed up in Abuja now sought to, in Wole Soyinka’s words, bring Nigeria down to his level. Under Abacha, Nigeria resorted to the company of fellow political reprobates. Abuja simply became the preferred destination of other dictators on the continent as well as political scoundrels and scavengers looking for what to eat under the guise “solidarity visits”. As the Rawlings’ testimony has revealed, there was an unending flow of suitcases of dollars as honorarium. Only a few like Nelson Mandela refused to be bought into turning a blind eye on the unspeakable evil unfolding in Nigeria then. Initially, Mandela’s attitude to Abuja was that of critical solidarity against western “meddlesomeness”, naively assuming a uniquely African solution could be found.

    By the time playwright Ken Saro-Wiwa, alongside eight others, was hanged after a sham trial on November 10, 1995, the South African hero finally realized he was dealing with a demon. Henceforth, he related to Abacha in that light. But the spell of dollars and the prospects of more briefcases would seem too overwhelming for the likes of Rawlings then to stand straight and speak in clear and unmistakable terms against the atrocities in Nigeria. And the free dollars from Nigeria would probably have gone unacknowledged publicly had Abacha not ended the way he did. When Gwarzo was held to account for the billions that had passed his hands under the guise of securing “national security”, he listed, among others, that Rawlings, yes the same revolutionarily incorruptible JJ, had quietly benefitted to the tune of $5m. Of course, the man so implicated was doubly discomfited. On top of the shame of being exposed would seem deep anger at being swindled. As Rawlings insisted in the interview, the amount counted in the briefcase Gwarzo handed him was actually $2m, not the $5m documented in Abuja.

    But Rawlings’ thunderous denunciation of corruption today would have made more sense had he taken a step further to furnish us with the details of how the $2m received was utilized for Ghana’s direct benefit to demonstrate the transparency he is ever quick to evangelize about. For instance, after Abacha’s courier departed, was the entire cash declared or partly to Ghana’s exchequer? How was it recorded: “unsolicited foreign aid”? “Stomach infrastructure” from Nigeria or – to ensure some confidentiality – simply a kind neighbour? These were the simple – yet critical – details the self-assigned anti-corruption warrior of Ghana conveniently chose to deny us. Perhaps, the dollars Rawlings collected could still have been justified as a fair price for his silence had the verbal diarrhea that permeated the entire interview not also led him into making a more colossal gaffe on MKO. Who, other than a psychopath with warped values, could have spoken so callously of the memory of MKO in the manner Rawlings did? Hear him again:

    “Some may not want to hear it. But the departure of that gentleman called (MKO) Abiola, the one who passed away, saved Nigeria from a probable explosion.” There are a few inferences to be made from the foregoing statement. An endorsement of the popularly held – though clinically unproven – notion that Abiola was willfully “murdered” via a cup of poisoned tea with a view to forcing a closure to the June 12 conundrum. Well, shedding the blood of the innocent may not mean much to a depraved dictator like Rawlings whose hands are still wet till date with the blood of three of his predecessors summarily executed in 1979. But rejoicing at MKO’s “departure” as the former Ghanaian leader did is to misread the historic portents of June 12, the cause of which he was unwilling to compromise.

    It was adjudged the fairest and freest poll in Nigeria’s electoral history at the time. Besides, in one single day, the nation’s age-old fault-lines of religion and ethnicity were miraculously healed. MKO, a southerner, defeated his challenger, Othman Tofa, in his native Kano in the north. The Muslim-Muslim ticket also broke the sectarian barrier by winning massively in predominantly Christian South-South and of South-East. These historic gains were sadly allowed to waste by treacherous Ibrahim Babangida and his perfidious apologists. Indeed, those unconscionable acts of yesterday partly explain the monumental mess Nigeria finds herself today. By the way, one hopes President Buhari would not succumb to the emotional blackmail in Rawlings’ effusive praise of him in that interview. Perhaps, it is time to renew the bid initiated in 1998. Upon discovery of the nocturnal payment that year, then head of state, General Abdulsalami Abubakar, had politely asked Rawlings to refund. A request he never dignified with even a reply.

    Now, with the receiver openly admitting collecting $2m from Abacha, it would not be out of place to ask EFCC to explore diplomatic means to ensure Rawlings made a refund in the spirit of the chastity the man himself speaks so passionately about today.

  • U.S. agrees to give Nigeria $480m Abacha family loot

    U.S. agrees to give Nigeria $480m Abacha family loot

    AGF, EFCC chair seal deal with Justice Dept

    Anti-graft agency seeks records of recovered £22.5m

    United States has agreed to repatriate to Nigeria about $480million believed to have been stolen by the late Head of State, Gen. Sani Abacha and his family.

    But the conditions for the repatriation of the cash  and other details are being worked out, The Nation has learnt.

    Also, it was learnt that the Department of Justice in the United States now has a Kleptocracy Unit, which will assist to track looted funds and money laundered by public officials from Nigeria and other nations.

    The planned repatriation is the outcome of the recent meeting between the Department of Justice and the Attorney-General of the Federation, Abubakar Malami (SAN) and the Acting Chairman of the Economic and Financial Crimes Commission( EFCC), Mr. Ibrahim Magu.

    A source, who spoke in confidence with our correspondent, said: “This is the largest loot ever traced to a former Nigerian public officer in the U.S.

    “The DOJ, the AGF and the EFCC have concluded all the talks; we are in the process of repatriation of the $480million.

    “Although there are interventions from private lawyers, the DOJ prefers a government-to-government deal.

    “ I can tell you that the funds will soon be repatriated. If there is anything left, it has to do with the conditions which the US will attach to the utilisation of the funds.

    “The US is likely to advise on specific areas to spend the funds on and the project monitoring mechanisms. It does not want the cash re-looted.”

    In the source’s view, there is no hiding place for Nigerian treasury looters in the United States anymore.

    “The Federal Government and the U.S.  on January 14, 2003  signed the Treaty on Mutual Legal Assistance in Criminal Matters between the two nations. So, no corrupt public officers from Nigeria can hide in the US.

    “At the session with AGF and the EFCC boss, they told the Nigerian team that the DOJ now has Kleptocracy Unit which is closing tabs on Political Office Holders and other public officers in this country and many other nations.”

    The Department of Justice of the United States had in the last few years initiated forfeiture proceedings against the Abachas.

    The proceedings made it possible for the Abacha family and its associates to forfeit over $550million and £95,910 in 10 accounts and six investment portfolios linked to them in France, Britain, British Virgin Islands and the United States.

    The Criminal Division of the Office of International Affairs of the US Department of Justice, in a letter to the Federal Government, identified the accounts where Abacha loot was hidden.

    The highlights are as follows: Doraville Properties Corporation – $287 million in Account Number 80020796 located at Deutsche Bank International Limited in the Bailiwick of Jersey; HSBC Fund Administration (Jersey) – $12 million in account number S-104460 in the Bailiwick of Jersey; and Rayville International, S. A – $1 million in account number 223405880IUSD at Banque SBA in Paris, France.

    Others are  Standard Alliance Financial Services Limited – $144 million in account 223406510PUSD at Banque SBA in Paris; Mecosta Securities – $21.7 million in accounts 10030688 and 100138409 at Standard Bank in the United Kingdom;  and HSBC Bank Plc – $1.6 million in account number 38175076.

    Also listed are  Blue Holding (1) Pte Ltd/ Ridley Group Limited – £6,806,900; Blue Holding  (2) Pte. Ltd/ Ridley Group Limited – £21,846,983; Blue Holding (1) Pte. Ltd/ Ridley Group Limited – £10,293,343.58; Blue Holding (2) Pte. Ltd/Ridley Group Limited – £56,962,996.26

    It was learnt that  the Abacha family had pledged to cooperate with the Federal Government.

    But the EFCC is still probing the whereabouts of £22.5m (N6.18billion) loot which the late Gen. Abacha allegedly stashed away on the Island of Jersey.

    No fewer than three prominent Senior Advocates of Nigeria (SAN) have been quizzed by the EFCC on the whereabouts of the records of the recovered £22.5m (N6.18billion).

    According to records, the late Head of State allegedly stashed the funds through a Lebanese called Bhojwani.

    But when the Office of the AGF was alerted by a whistle-blower, the administration of ex-President Goodluck Jonathan opened discussions with the Attorney-General of the Island of Jersey.

    “The AG of the Island of Jersey cooperated fully with the government, leading to the repatriation of the £22.5m. EFCC is still searching for the records from those involved.

    A top EFCC source said last night: “We have not closed investigation into the whereabouts of this money.”

  • Malabu: Atiku, Abacha’s family behind my ordeal – Adoke

    Malabu: Atiku, Abacha’s family behind my ordeal – Adoke

    A former Attorney General of the Federation and Minister of Justice, Mohammed Adoke Bello,  on Monday listed former Vice President Atiku Abubakar and agents to the family of the late dictator, Sani Abacha, as behind plots to humiliate him over the Malabu oil deal.

    The Economic and Financial Crimes Commission (EFCC) had re-opened investigations into what may pass as one of the biggest scandals in the nation’s oil and gas industry involving Malabu Oil and Gas limited, Shell Ultra Deep Nigeria Limited and the Federal Government regarding the operation and sale of Oil Prospecting License (OPL) 245.

    OPL 245 is a potentially lucrative oil block estimated to hold up to 9.23 billion barrels of crude oil and about a quarter of Nigeria’s proven oil reserves.

    It also has two deep water fields – Zabazaba and Etan – in the Gulf of Guinea.

    In a letter dated December 31, 2015 and addressed to the Vice President, Prof. Yemi Osinbajo, the former AGF, who was invited by the EFCC on December 28, 2015, described the invitation by the anti-graft agency as “curious, unconventional and mischievous.”

    Bello said since government is a continuum, all files relating to his conduct into the Malabu affairs was resident in the office of the AGF.

    The ex-minister said he had contacted the current AGF and submitted a comprehensive position paper which explained his role in the deal.

    He said he has since been informed of a grand plot by those with vested interests in the case to humiliate him.

    “It was after this development that I was made to understand that there were plans by some individuals who had become aware that I would be honouring the invitation of the EFCC on December 28, 2015 to humiliate me.

    “I was also informed that these individuals had enlisted a notorious online media (Sahara Reporters) to smear my name with allegations of corruption and bribery and that some agents of the Abacha family and one Lawal Abba acting for Alhaji Atiku Abubakar, a former vice president, were behind the scheme,” he said.

     

  • EFCC to quiz top lawyer over £22.5m Abacha loot

    EFCC to quiz top lawyer over £22.5m Abacha loot

    Uncertainty over ‘stolen’ $400m

    There is the  £22.5m (N6.18billion) loot which the late Head of State, Gen. Sani Abacha, allegedly stashed away on the Island of Jersey?

    This is the puzzle the Economic and Financial Crimes Commission (EFCC) is trying to resolve.

    Besides, there is uncertainty over the whereabouts of over $400million Abacha loot on the Island.

    The anti-graft agency may quiz a Senior Advocate of Nigeria, Mr. Damian Dodo, over the cash “any moment from now”.

    Dodo, who spoke with our correspondent last night, said a UK-based lawyer, Erico Monfrini collaborated with a three-man Federal Government team —Dodo, ex-Attorney-General of the Federation Mr. Mohammed Bello Adoke (SAN) and EFCC’s ex- Secretary Mr. Emmanuel Akonmaye.

    A source, who spoke in confidence, said: “We are probing the whereabouts of £22.5m (N6.18billion) loot of the late Head of State, Gen. Sani Abacha which was recovered from the Island of Jersey. The EFCC cannot locate where the money was remitted to.

    “According to records, the late Head of State allegedly stashed the funds through a Lebanese called Bhojwani. But when the Office of the AGF was alerted by a whistleblower, the government of ex-President Goodluck Jonathan opened discussion with the Attorney-General of the Island of Jersey.

    “The AG of the Island of Jersey cooperated fully with the government, leading to the repatriation of the £22.5m. We want to know where the money is; we need records from those involved.”

    Replying  a question, the source added: “We are inviting Damian Dodo, who played a key role in securing the £22.5m (N6.18billion) loot for the Federal Government to give the details.”

    The source said it was unclear if the Jonathan administration collected $400million Abacha loot also stashed on Jersey Island.

    He said:  “There is also uncertainty about $400million Abacha loot on the Island.

    “The government of Island of Jersey pledged to repatriate the stashed funds and even initiatted a process towards that. As I speak with you, no one can account for the $400million.

    “What we have been hearing is that the Government of Island of Jersey was demanding a proportionate part of the funds. Again, there is uncertainty whether the loot was remitted or is diverted or still on the Island.

    “This is why the EFCC team is stepping up investigation into Abacha loot on this tiny island.”

    In a chat with our correspondent last night, Dodo said: “The EFCC was part of the negotiation for the repatriation of the £22.5m (N6.18billion) loot; it should just go through its records instead of calling for my head over nothing. The former Secretary of EFCC represented the commission at every stage of the recovery.

    “The terms of agreement were clearly spelt out and the Federal Government provided the account in which the recovered funds should be paid. At inter-governmental level, the EFCC can ask the Federal Government to contact the Government of Island of Jersey for all transaction records.

    “I have nothing to hide. No repatriation negotiation was done under the carpet at all. We did our best for this nation in recovering the looted funds. The Government of Island of Jersey  wanted the substantial part of the money and we said ‘no’. We said Nigeria needed the money more than the Island of Jersey.

    “ It is just vendetta. I have nothing to hide. They have searched all my accounts in order to find out whether or not I transferred money to Adoke. They could not find anything against me. I think they are after the former AGF at all cost.

    “The EFCC was involved from the beginning to the end, why can’t they check their records instead of scandalising me.”

    On the $400m still stashed  on the Island of Jersey, Dodo said: “They should get in touch with the Government of Island of Jersey.”

    At the opening ceremony of the 8th Edition of the National Seminar on Economic Crimes, which was held at the EFCC training school in Abuja, the ex-AGF alluded to the recovery but he did not give details.

    He said: “Only recently, we negotiated the recovery and repatriation of the sum of £22.5m from the Island of Jersey, being the proceeds of money laundered from Nigeria.

    “I wish to seize this opportunity to commend the Attorney-General of Jersey for the support and cooperation we received and urge other jurisdictions to also extend to us, the much needed cooperation to enable us repatriate stolen assets within their jurisdictions.

    “Our experience has shown that despite international condemnation of corruption and money laundering, many jurisdictions where stolen assets to victim states or impose stringent conditions for its repatriation with attendant negative consequences on victim states.

    “We also intend to vigorously pursue stolen assets and the confiscation of other instrumentalities of crime within the country by strengthening our confiscatory and forfeiture laws.”

     

  • Abacha’s ghost, again

    •Return of $300 million shows we can get back Jonathan-era loot

    At a time when the most optimistic appraisals of the state of the Nigerian economy are cautious, foreign exchange is in short supply and the Naira is almost in free fall, Switzerland’s decision to return another $300 million from the loot that the murderous dictator Sani Abacha salted away in that country is a welcome development.

    That amount is only a slice of Abacha’s plunder, the exact figure of which is hard to determine, given the shady way the market for looted funds operates. One estimate puts it at $2.2 billion. Another puts it at $20 billion. Whether it is the former or the latter, this is a huge sum of money that could, if spent judiciously, help turn around the economy.

    Nigeria is only one of many African countries that have had the misfortune of being governed by kleptomaniacs like Abacha. It was notorious that the late Mobutu Sese Seko was wealthier than Zaire, now Democratic Republic of Congo, which he ruled virtually without challenge for more than three decades. Teodoro Obiang Nguema Mbasogo, president of the tiny, oil-rich Equatorial Guinea, belongs in the same despicable league, as do many contemporary African leaders and their families.

    Switzerland is to be commended for this gesture.  We urge other European countries harbouring looted funds from Nigeria to emulate its example, without the tortuous legalisms that usually bedevil such gestures, however well-intentioned.

    It took almost 16 years of hard negotiations to secure the repatriation last year of $380 million of the Abacha loot. Of that amount, $322 million was, on the instructions of the former president, Dr Goodluck Jonathan, handed over to Colonel Sambo Dasuki (rtd.) as National Security Adviser, for the purchase of military equipment to repulse the Boko Haram insurgency.

    Where that extra-budgetary appropriation was not stolen outright, it was, in a running scandal that has appropriately been christened Dasukigate, converted into the ruling party’s reelection fund, or used to pay for bogus contracts awarded to cronies of the Administration and other favoured persons, without the slightest regard for due process.

    It was a slush fund through and through. The purchase of military equipment was the last thing on the minds of those controlling or administering the funds.

    The latest refund must not suffer the same fate. It must be injected into the budgetary process and applied to purposes that directly serve the public.

    Amidst the back-slapping, it is well to remember that, without the protections that complaisant foreign banking institutions enjoy from their governments, it would be much harder for thieving rulers in developing countries to transfer stolen funds offshore for safe keeping.

    Any serious effort to check the traffic in stolen funds will require a more robust approach by governments and banking regulators in the preferred destinations for such funds. They cannot urge transparency and accountability on developing countries and yet knowingly accept for safe keeping public funds stolen from those countries.

  • Arms bazaar sends Abacha loot account down to $26m

    Arms bazaar sends Abacha loot account down to $26m

    There is a balance of $26m and £19 million in the Abacha loot accounts, the Federal Government said yesterday.

    The announcement was made at the end of the National Economic Council (NEC) meeting at the Presidential Villa in Abuja. It was presided over by its Chairman, Vice President Yemi Osinbajo.

    The Abacha loot is the name given to the cash stolen by former military Head of State Gen. Sani Abacha (1993-1998), stashed away in foreign banks which was recovered by the government. Nobody has been able to state exactly how much the former Head of State stole.

    The late Gen Abacha is believed to have stolen so much that even the World Bank declared it “too huge to handle”.

    The issue of the cash returned to the front burner when former Minister of Finance and Coordinating Minister of the Economy Ngozi Okonjo-Iweala, admitted that she gave $300m and £5 million from the loot’s accounts to former National Security Adviser (NSA) Col. Smbo Dasuki for arms purchase.   She said $700million was being expected.

    The money is believed by the Economic and Financial Crimes Commission (EFCC) as part of the cash shared to politicians by the Office of the NSA, for which Dasuki and others, including former Sokoto State Governor Attahiru Bafarawa,  are standing trial.

    Accountant-General of the Federation Alhaji Ahmed Idris gave the figure in the accounts —as of last month — yesterday.

    Benue State Governor Samuel Ortom said after the NEC meeting: “We were briefed on the Abacha loot recovery.

    “The Accountant-General of the Federation reported that the dollar account as at November 2015 ending has a balance of $26 million while the pound sterling has a balance of 19 million and 33 pounds.

    “So that is where we are as at today.’’

    Ortom also said the Accountant-General briefed the NEC on the remittances of naira equivalent of foreign exchange remittances made into some revenue generating agencies, adding that the incidents were further being looked into.

    He said the practice was not allowed and that the Federal Ministry of Finance was working out the details which would be forwarded to NEC.

    Taraba State Governor Darius Ishaku said the Accountant –General said the excess crude account stood at $2.26 billion and yielded an interest of $599.14 million as at November 2015

    “The Accountant General of the Federation reported to council that the Excess crude account stood at $2.257 billion as at the end of November 2015.

    “He also reported a slight change against the previous balance with an interest, which is due of $599,137,467 into the account as accrued interest.’’

    Sokoto State Governor Aminu Tambuwal said Central Bank Governor Godwin Emefiele, briefed the council on the updates in policy measures being adopted by the government to stabilise the economy.

    He said the drop oil price caused a lot of pressure on the foreign reserve, which stood at $29 billion.

    Tambuwal said the CBN chief added that the apex bank reduced the cash reserve ratio from 25 per cent to 20 per cent.

    He also mentioned the regulatory measures on the parallel market, introduction of the Bank Verification Number (BVN) and the proposal to introduce debit cards for travellers instead of cash exchange demand to reduce the buying of dollar cash for illicit businesses.

    He mentioned the measures being taken by the CBN to diversify the economy.

    Minister of Budget and National Planning Sen. Udoma Udo Udoma said his ministry made a presentation on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the next three years.

    According to him, the presentation urged the states to adopt the MTEF and the FSP as the basis for developing their annual budgets.

    He said the states should be guided by the assumptions in the economic plan and also be conservative in their revenue and expenditure plans for 2016 due to the dwindling oil revenue.

    The minister stressed the need for closer collaboration between the Federal Government and the 36 states in the management of the nation’s economy.

  • Okonjo-Iweala: Dasuki got $322m Abacha loot from me

    Okonjo-Iweala: Dasuki got $322m Abacha loot from me

    •Arms scam is breach of trust, says Buhari

    •Oshiomhole insists on ex-minister’s trial

    Former Minister of Finance Ngozi Okonjo-Iweala yesterday confirmed that she approved the transfer of $322 million Abacha loot to former National Security Adviser (NSA) Sambo Dasuki to prosecute the fight against Boko Haram. But she said it was a loan.

    Dr. Okonjo-Iweala has been under attack, mainly from Edo State Governor Adams Oshiomhole for allowing expenditure without authorisation.

    Through her media adviser, Paul Nwabuikwu, in a statement last night, the former minister said: “Some new Abacha funds of about $322 million were returned with another $700m still expected to be returned. Former President (Goodluck) Jonathan set up a Committee comprising the former Minister of Justice, former NSA and the former Minister of Finance to determine how best to use both the returned and expected funds for development.”

    Mrs. Okonjo-Iweala said at the meeting, “the NSA made a case for using the returned funds for urgent security operations since, he noted, there cannot be any development without peace and security. Based on this, a decision was taken to deploy about $322m for the military operations, while the expected $700m would be applied for development programmes as originally conceived.”

    Mrs. Okonjo-Iweala stated that based on the urgency of the NSA’s memo, she requested former President Goodluck Jonathan “to approve the transfer of the requested amount to the NSA’s Office for the specified purposes.”

    Mrs. Okonjo-Iweala, referring to the meeting’s memo, said she “insisted on three conditions: a. only a part, not the entire Abacha funds, would be spent on the arms; the rest would be invested in developmental projects as originally conceived b. the money was to be treated as borrowed funds which would be paid back as soon as possible and c. the NSA’s office was to account for the spending to the President who was the Commander-in-Chief, given the fact that the Minister of Finance is not part of the security architecture and does not participate in the Security Council.

    “Throughout 2014, there were public complaints by the military hierarchy to President Goodluck Jonathan about the inadequacy of funds to fight the anti-terror war in the North East, resulting in Boko Haram making gains and even taking territories. A lot of the criticism was directed at the Federal Ministry of Finance under Dr Okonjo-Iweala which was accused of not doing enough to find funds for the operations.”

     

  • Bagudu and the Abacha connection

    Bagudu and the Abacha connection

    Political opponents of Governor Atiku Bagudu of Kebbi State have called on President Muhammadu Buhari and anti-graft agencies to probe his links with the late Gen. Sani Abacha and most particularly his alleged laundering of over $500million for the late military dictator. But while the governor has not responded to this allegation, sources close to him say he is not taking any chances on the matter due to the political colouration the issue has assumed in his state in the last few days.

  • Abacha loot: World Bank to give details of disbursement soon

    Abacha loot: World Bank to give details of disbursement soon

    Following a request by the Socio-Economic Rights and Accountability Project (SERAP) for information on the spending of recovered assets from Late General Sani Abacha, the World Bank has said asked for more time to provide a detailed response.

    In a letter dated 15 October 2015 and signed by Ann May of the Access to Information Team, the Bank said that “In response to your request under AI3982, we would like to inform you that we are still considering your request and need additional time to provide you with a more comprehensive response.”

    The letter reads in part “In most cases, we will be able to respond within twenty (20) working days from receipt of a request for information. However, we may need additional time in special circumstances, for example, if the request is complex or voluminous or if it requires further review by or consultation with internal World Bank units, external parties, the Access to Information Committee, or the World Bank’s Board of Executive Directors.”

    “We regret any inconvenience that a delay may cause you and, if one does occur, will aim to minimize it as much as possible. We will notify you promptly of any updates to the status of your request, ” the bank stated.

    Responding to the World Bank’s request, SERAP’s Executive Director Adetokunbo Mumuni welcomed the decision to thoroughly consider the request.

    “ This thorough process shows the seriousness the Bank attaches to the request, and will hopefully contribute to a positive outcome that will serve the interest of justice and millions of Nigerians who want to know about disbursement of Abacha loot, ” Mumuni said.

    SERAP had on September 21, 2015 sent an access to information request to Jim Yong Kim, President, World Bank Group urging him to “exercise the Bank’s prerogative to release documents relating to spending of recovered assets stolen by Late General Sani Abacha”.

    The group also asked Mr Yong Kim to “disclose information about the Bank’s role in the implementation of any projects funded by the recovered assets and any other on-going repatriation initiatives on Nigeria with which the Bank is engaged.”

    The request was “pursuant to the World Bank’s Access to Information Policy (The Policy), approved by the Board on June 30 205.  SERAP notes that one of the Policy’s guiding principles is to maximize access to information. There is also clear public interest in Nigerians knowing about the Bank’s supervisory role and specifically its involvement in the implementation of projects on which repatriated funds were spent.”