After protracted negotiations and signing of the Memorandum of Understanding (MoU) with the Swiss authorities, it is heartening that the Federal Government has admitted receiving $322.5m Abacha loot. The refund is part of the funds reported to have been stolen by the late ex-military dictator, Gen. Sani Abacha.  

However, government’s admission came after some confusion among the relevant government agencies, the Ministry of Finance and the Office of the Attorney General of the Federation and Ministry of Justice. The apparent lack of coordination between the two ministries on the loot was embarrassing to the government and may likely give the wrong impression to other countries willing to repatriate looted money.                    

It is encouraging that the Finance Minister, Mrs. Kemi Adeosun, has acknowledged the Federal Government’s receipt of the $322.5m from Switzerland. According to the minister, the money was paid to the Federal Government through a Special Account in the Central Bank of Nigeria (CBN) on December 18, 2017. However, she denied any controversy over the recovery of the loot as well as the alleged report that she objected to the payment of about $16.9 million or N6bn to lawyers who facilitated the recovery of the loot.

Government should hasten to give an update on the recovered loot so far. Nigerians would like to know how much of the Abacha loot has ben recovered and what the government has done with the money. The update has become imperative to reassure Nigerians that the money has not been re-looted. The seeming secrecy surrounding the recovered money is not healthy. There is need for more transparency on the matter.

The secrecy is not in tandem with the government’s anti-corruption campaign. Also, the controversy over the legal fees charged for the recovery of the money must be resolved forthwith by the government. It is good that the House of Representatives has set up a committee to investigate the payment of $16.9 million to lawyers by the Attorney-General of the Federation for the recovery of the loot after the actual work had been done and concluded by Mr. Enrico Monfrini and who was reportedly paid by the government for the recovery long ago. The outcome of the legislators’ investigation must be made public.

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We call for full disclosures on Abacha loot and others. Nigerians demand transparency and accountability on all recovered loot. Reports show that out of the nearly five billion pounds allegedly looted by Abacha while in office, over $1 billion has been reportedly recovered from sources across the world.

Beyond the $332.5 million which government said was paid into its account in December last year, about 22.5 million euros was also recovered from Abacha loot in 2003. The Swiss government also said that it had as at December 2002 returned to Nigeria $700 million of Abacha loot.

Currently, Nigeria accounts for over 70 per cent of the estimated $200 billion stolen annually by African public officials stashed in foreign banks. Records also show that the central banks in many African countries are in apparent complicity with the corrupt leaders.                                      

We commend the Swiss authorities for returning the loot and urge other European countries to do the same. There is the need to check the mindless looting of the nation’s treasury by unscrupulous politicians.

Overall, it is expedient to update Nigerians on all loot recovered by this government and previous ones. This will boost public confidence in the fight against corruption.