You May Want To Know How Obasanjo’s Govt Spent $500m Abacha Loot
Minister of Finance, Dr. Ngozi Okonjo-Iweala, has explained how the Olusegun Obasanjo administration she was part of spent the loot recovered from the late maxiumn dictator, Gen. Sani Abacha.
She said contrary to reports that the sum of $2bn was recovered from Abacha's loot, $500m was the actual amount recovered under her watch when she was first made finance minister.
But while speaking in London in November 2006, the pioneer Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, had said that "Abacha took over $6bn from Nigeria," and that $2bn of the loot had been recovered.
Ribadu repeated the same figure in the same month during the 12th International Anti-Corruption Conference in Guatemela.
Three months ago, Ribadu repeated the same claim in Dakar at the 2nd Annual High Level Dialogue on Governance and Democracy in Africa.
Also, as Minister of Finance in the Olusegun Obasanjo administration, Okonjo-Iweala, in 2005 – a year before Ribadu made his claim – at a news conference in Switzerland reportedly said that Nigeria had recovered about $2bn total of asset from Abacha.
But now she is singing a different song. Reacting to issues of the stolen money, Okonjo-Iweala said through her Special Assistant on Communication, Mr. Paul Nwabuikwu, that the recovered $500m under her watch was verified and used in a structured manner for developmental projects.
Nwabuikwu said, "The minister did not say only $500m was recovered as the entire loot of Abacha. What she actually said was that under her watch when she was in government as a minister, it was that amount that was recovered. And that money was used in a structured way to carry out some programmes of government.
"You will recall that at a point, she left government to return after some years and she cannot be held accountable for whatever happens when she was not in office. So the bottom line is that only $500m was the amount recovered when she was in government."
Since that Coordinating Minister of the economy is running from "responsibility" who will now give account?
Gist Arena
She said contrary to reports that the sum of $2bn was recovered from Abacha's loot, $500m was the actual amount recovered under her watch when she was first made finance minister.
But while speaking in London in November 2006, the pioneer Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, had said that "Abacha took over $6bn from Nigeria," and that $2bn of the loot had been recovered.
Ribadu repeated the same figure in the same month during the 12th International Anti-Corruption Conference in Guatemela.
Three months ago, Ribadu repeated the same claim in Dakar at the 2nd Annual High Level Dialogue on Governance and Democracy in Africa.
Also, as Minister of Finance in the Olusegun Obasanjo administration, Okonjo-Iweala, in 2005 – a year before Ribadu made his claim – at a news conference in Switzerland reportedly said that Nigeria had recovered about $2bn total of asset from Abacha.
But now she is singing a different song. Reacting to issues of the stolen money, Okonjo-Iweala said through her Special Assistant on Communication, Mr. Paul Nwabuikwu, that the recovered $500m under her watch was verified and used in a structured manner for developmental projects.
Nwabuikwu said, "The minister did not say only $500m was recovered as the entire loot of Abacha. What she actually said was that under her watch when she was in government as a minister, it was that amount that was recovered. And that money was used in a structured way to carry out some programmes of government.
"You will recall that at a point, she left government to return after some years and she cannot be held accountable for whatever happens when she was not in office. So the bottom line is that only $500m was the amount recovered when she was in government."
Since that Coordinating Minister of the economy is running from "responsibility" who will now give account?
Gist Arena
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