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$322 MILLION ABACHA LOOT: CACOL COMMENDS THE FG’s PROPOSED DISBURSEMENT OF THE LOOTED FUNDS

The Centre for Anti-Corruption and Open Leadership, CACOL, has commended the Federal Government on the successful recovery and safe-keeping of the $322 million being part of the oil reserve confirmed to have been looted by the late military head-of-state General Sani Abacha which was strategically recouped from the Swiss Government. The Centre, further expressed its delight on the plans of the Government in funding some National social safety nets, which include the areas of education, health, especially; immunization and maternal mortality, and other social infrastructure. These social infrastructures are to be furnished by the purposeful disposition of the Late Abacha’s loot currently being warehoused.

The Centre expressed these views through its Executive Chairman, Mr. Debo Adeniran, that the Abacha loot is an unprecedented historic one given the enormity of its figure, recording that while previous Administration were making very little or no progress in its effort at ensuring the retrieval of the fabled looted Abacha sum, the Buhari-led Government has successfully recovered the siphoned funds and diligently apportioned the money in resolving major social declines that has perpetually arrested the development of the Country and her people. He also expressed the group’s concern that after Abacha’s death in 1998, the missing money became the subject of an international lawsuit involving the government of Switzerland where the bulk of the money was discovered indicating that the late former Military maximum ruler single-handedly embezzled the bulk of the Nation’s oil reserves, and in turn threw dust in the eyes of Nigerians.

The Executive Chairman of CACOL, while recalling the issues that arose during the visit of American business magnate, Bill Gates, where Gates gave lots of meaningful insights to the developmental challenges of Nigeria in his speech wherein he suggested that investing in health, education, and welfare opportunities of every Nigerian is the foundation for sustained prosperity in the country. He related the suggestions made by Gates to the planned social development programmes by Federal Government saying, “it is right to say that the Administration is pro-active in resolving the pending issues that has over-time, stunted the growth of the Nation and its people, pauperizing the social attributes of people in the country thus handicapping the development that would have attained in saner climes”. The CACOL Chairman also expressed delight that the Muhammadu Buhari-led administration is one to be emulated as it does not only proffer solutions to problems that has been lingering  in the country, but also has listening ears to suggestions on how best to make the country’s socio-economic condition thrive better. These traits are not to be discarded nor forgotten on time but to be perpetually treasured and utilized.

Concluding, Mr. Adeniran suggested that, while the Abacha’s loots are being retrieved, it is imperative that a transparent and secure framework be instituted to monitor and regulate the equitable disbursement of the funds to avoid it being re-looted by those overseeing the projects it is appropriated for. Mr. Adeniran further discerned that it would be on history as a fatal Administrative catastrophe if the Abacha’s loot recovered by the Government is re-looted. He also suggested that a deterren sanction be instituted to put officials and organizations that would have access to the appropriated funds in check as this will in-turn, prevent the re-looting of the money.

Aghagbobi Ikenna

Ag. Media and Publications Officer, CACOL.

08141121208

cacolc@yahoo.com,

cacol@thehumanitycentre.com