The return of $300m Abacha loot.

At this time that Nigeria is experiencing a severe financial crunch, it is gladdening to hear that the Swiss government has concluded plans to return the sum of $300 million it recovered from the amount stolen from Nigeria and stashed in Switzerland by Nigeria’s former leader, Gen. Sani Abacha.

The Minister of Foreign Affairs, Geoffrey Onyeama, announced this to journalists and assured Nigerians that negotiations are going on with a number of countries on the modalities for the repatriation of more looted funds stashed abroad.  The government of Switzerland, he recalled, had earlier recovered and repatriated $700 million to Nigeria from previously discovered Abacha loot.

We commend Switzerland for its cooperation which has made the recovery of funds looted from Nigeria by the late Gen. Abacha possible. The country’s commitment to repatriating these looted funds is a firm indication of its determination to do the right thing on the matter of the stolen funds in the best interest of our two countries. 

The plan to return this tranche of stolen funds has come at a time that many former and serving public officials are being called to account for huge public funds that were allegedly stolen during the immediate past regime. The ongoing investigation of many government, military and political party officials sadly demonstrate that the rapacious looting of Nigeria is still an ongoing malaise. It is, indeed, shameful and embarrassing that several decades after Nigeria identified public corruption as a cancer in its body politic, the menace is still thriving in the country.

It is in this regard that the joy over the news of the impending return of the looted $300 must be accompanied by a resolve to tackle corruption and bring those who see the looting of public funds as a sport to book. If we do not do what is required to end the circle of public corruption in the country, the nation can rest assured that whatever sum is recovered from the Abacha loot and other such stolen sums repatriated from abroad will still end up in the pockets of unscrupulous public officials.

We, therefore, appeal to our courts to adjudicate all corruption cases speedily and punish all offenders to send a strong message that Nigeria will no longer tolerate it.  This is necessary to renew the faith of Nigerians that looters of public funds will one day face justice, and discourage the present crop of leaders to desist from the nefarious practice. We praise the Swiss government for its help in returning stolen public funds to Nigeria.  When the $300 million is received, the Abacha loot so far recovered by the Swiss government and returned to Nigeria will amount to $1 billion. We also know that the government of Liechtenstein, sometime ago, also returned $227 million; the government of the Channel Islands returned 140 million Pounds Sterling in the first instance and another 315 million Pounds in a subsequent repatriation, all part of Nigerian funds stolen by Gen. Abacha. 

The extent of Gen. Abacha’s looting of Nigeria is unprecedented in modern history.  However, of more immediate concern is the fact that there is growing anxiety among Nigerians that the monies earlier recovered from the Abacha loot may have been spent in a manner that is opaque, confusing and suspicious.  Indeed, the general impression is that the recovered funds may have been re-looted. 

For this and other reasons, we advise the Federal Government to regard these repatriated funds as special funds to be spent on dedicated projects of national importance. The funds, with the approval of the National Assembly, should be committed to practical projects such as critical roads and bridges that Nigerians can see, feel and relate to in all the geo-political zones of the country. This will help to erase the suspicions that arise because no one can point to any specific project that the recovered funds were spent on.

We appreciate Section 162 of the Constitution on the need for all government revenues to be paid into the Federation Account.  But, it is not certain that the returned stolen Abacha funds rightly fall into this category, considering their history and the circumstances under which they were returned.  Dedicating these monies to specific projects will serve two purposes. 

It will bring clarity to the populace as to their use, thereby removing insidious suspicions on the fate of recovered funds.  Secondly, it will serve as a talking point in the campaign against corruption, a visible reminder that in the end, the long arms of justice will catch up with the corrupt and looted funds will be returned to the country.

We urge the Federal Government to double its efforts on the recovery of all stolen funds.  But, even more critical is the need to create institutional safeguards to make it impossible for such huge monies to be stolen and   taken out of the country at the whims of public officials, including our political leaders.