50% of recovered $500m Abacha loot is missing

Nigerias financial agency, Economic and Financial Crime Commission (EFCC), has raised alarmed about missing $250 million from recovered $500 million Abacha loot.

The fund was recovered during the administration of ex-president Goodluck Jonathan, and half of it was released to the Office of National Security Adviser (ONSA) to fight terrorism. However, the movement of the $250 million balance cannot be traced yet by the agency.

A local news agency in Nigeria, The Nation, reported that case is termed ‘re-looting of Abacha's loot’ by EFCC.

Also a fact-sheet on the investigation showed that $250 million was withdrawn between March 2, 2015, and April 21, 2015, by ONSA. These withdrawals were noted to have been made for undisclosed purpose(s).

Mrs Ngozi Okonji-Iweala, former finance minister of Nigeria, had also raised objections to these withdrawals. However, ex-president Jonathan seems to be in agreement with the actions.

An EFCC source told the news agency that: “We will need to interact with the former Minister of Finance, Okonjo-Iweala, to guide us on the contents of her letter, especially on the legality of the withdrawal of the $250 million.”

“We will find out what she meant by to ‘borrow these funds’ and these ‘funds form part of projected FG Independent Revenue to be appropriate.”

How much did Abacha and associate rob the country of?

According to the ex-head of EFCC, Mallam Nuhu Ribadu, Abacha “took over $6 billion from Nigeria”. Nuhu also revealed that the agency under his watch recovered about $2 billion from these Abacha slush accounts.

Foreign countries where these funds are kept usually give strict requirements before releasing the funds. In most cases, they usually demand that the released funds should be channelled to concrete developmental activities.

The Socio-Economic Rights and Accountability Project (SERAP) had also written to the World Bank on September 21, 2015, demanding access to information relating to “spending of recovered assets stolen by late Gen. Sani Abacha.” However, the multinational bank is yet to grant the request of the group.

50% of recovered $500m Abacha loot is missing

Nigerias financial agency, Economic and Financial Crime Commission (EFCC), has raised alarmed about missing $250 million from recovered $500 million Abacha loot.

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