Nigeria News

Jonathan sets up c’ttee over Abacha loot

Late Sani Abacha

ABUJA—President Goodluck Jonathan, yesterday, set up a committee to fashion out the best way to invest part of the recovered loot of former Head of State, 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.

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

According to a statement from the Special Adviser to the coordinating minister of the Economy and Minister of Finance, Nwabuikwu, 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 return of the funds is the culmination of a robust 16-year effort by the Federal Government of Nigeria to retrieve the funds.

Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websits. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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