Goodluck Sets Up Committee To Manage Money Recovered From Abacha

Come June 25, the Government of the Principality of Liechtenstein is billed to return 167 million euro ($227 million) to Nigeria, being part of the looted funds recovered from the General Sani  Abacha’s family, bringing an end to  a 16-year battle to recover the looted funds from the European nation.

To ensure the proper utilisation of the funds, President Goodluck  Jonathan, according to a statement issued yesterday by the Ministry of Finance, is constituting an inter-ministerial committee to identify the best projects and programmes in which to invest the funds while the World Bank has already expressed its willingness to assist in monitoring the application of the recovered funds on targeted projects and programmes.

The president, the statement issued by Mr. Paul Nwabuikwu, the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has also directed that part of the soon-to-be-recovered funds be saved in the Future Generations Fund, one of the three ring-fenced components of the Sovereign Wealth Fund managed by the Nigerian Sovereign Investment Authority (NSIA) to help secure the economic future of both youths and unborn Nigerians. 

In line with the agreement reached with Liechtenstein, the World Bank will assist in monitoring the utilisation of the funds in specific projects.
The return of the funds is the culmination of a robust 16-year effort by the federal government of Nigeria to retrieve the funds.

Working under the leadership of President Jonathan, the Attorney General of the Federation, Mr. Muhammad Adoke, led the effort with support from Okonjo-Iweala and the National Security Adviser, (NSA), Colonel Sambo Dasuki (rtd).

The return of the funds was delayed by the suit instituted at the European Court of Human Rights (ECHR) by companies owned by the Abachas, alleging infringement of their rights to a fair trial and to peaceful enjoyment of their possessions.
As a result, the Principality of Liechtenstein could not proceed with the return of the funds.

To demonstrate the commitment of the federal government to retrieving the funds which belong to the Nigerian people, the Attorney-General of the Federation also filed a suit against Mr. Mohammed Abacha before the Abuja High Court.  

As part of the negotiations to expedite the recovery of the funds, the Abachas agreed to discontinue their suit before the ECHR.
The federal government also equally subsequently withdrew the case against the Abachas, paving the way for the release of the looted funds by Liechtenstein.

Liechtenstein had on Wednesday said it would return the 167 million euros ($227 million) to Nigeria, ending a drawn-out battle by Nigeria to recover cash looted by late Sani Abacha.

Abacha, who died in 1998, is suspected of having looted Nigeria to the tune of about $2.2 billion during his highly repressive regime from November 1993 to June 1998.

Nigeria first requested help from Liechtenstein in 2000 to recover the cash stashed there.

The tiny principality of some 37,000 people returned 7.5 million euros to Nigeria in late 2013, but the restitution of the bulk of the cash has long been blocked by lawsuits brought by companies linked to the Abacha family