Jonathan Sets Up Inter-Ministerial C’ttee On How To Spend Abacha Loot

President Goodluck Jonathan, Thursday, set up a committee to come up with modalities on the best way to invest part of the recovered loot of former Head of State, late General Sani Abacha.

This followed the planned release of $227 million, about N36.32 billion, from the Government of the Principality of Liechtenstein, which is part of the looted funds recovered from the Abacha family.

The move is coming on the heels of the controversy that greeted the withdrawal of the N446.3 billion money laundering case against the late dictator’s son, Mohammed, by the Attorney General of the Federation, Mohammed Adoke,

To ensure the proper utilisation of the funds, President Goodluck Jonathan decided to constitute an inter-ministerial panel to identify the best projects and programmes in which to invest the funds.

This was contained in a statement issued by Paul Nwabuikwu, the Special Adviser to the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

According to the statement, the president had also directed that part of the funds be saved in the Future Generations Fund, which is one of the funds managed by the Nigerian Sovereign Investment Authority, NSIA to help secure the economic future of both Nigerian youths and unborn Nigerians.

“We can confirm that Nigeria will on June 25, receive the sum $227 million from the Government of the Principality of Liechtenstein, part of looted funds recovered from the Abacha family”, the statement said.

In line with the agreement reached with the Principality of Liechtenstein, it was stated that the World Bank will assist in monitoring the utilisation of the funds in specific projects.

The latest repatriation of the funds is the product of a robust 16-year effort by the Federal Government of Nigeria to retrieve funds stolen by the late military ruler and stashed in secret accounts abroad.