The federal government will on June 25 receive the N36 billion ($228
million) looted by former head of state, General Sani Abacha, from the
Government and Principality of Liechtenstein, the ministry of finance
has said.
This is part of the agreement reached with the Abacha
family, leading to the discontinuation of a suit against Mohammed, one
of his sons, after the family also agreed to withdraw their own case
against the federal government.
Special adviser to Dr. Ngozi
Okonjo-Iweala, the coordinating minister of the economy and minister of
finance, Mr Paul Nwabuikwu said in a statement on Thursday: “To ensure
the proper utilisation of the funds, President Goodluck Ebele Jonathan
is constituting an inter-ministerial committee to identify the best
projects and programmes in which to invest the funds.”
“The
President has also directed that parts of the funds be saved in the
Future Generations Fund, 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”.
Nwabuikwu said in
line with the agreement reached with the Principality of Liechtenstein,
the World Bank will assist in monitoring the utilisation of the funds
for specific projects.
He further explained: “The return of the
funds is a culmination of a robust 16-year effort by the federal
government of Nigeria to retrieve the funds.
“Working under the
leadership of President Jonathan, the Attorney General of the
Federation, Mr Mohammed Adokie led the effort with the support from the
Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi
Okonjo-Iweala and the National Security Adviser Colonel Sambo Dasuki
(retired).
“The return of the funds was delayed by the suit
instituted at the European Court of Human Rights by companies owned by
the Abachas alleging infringement of their rights to fair trial and to
peaceful enjoyment of their possessions. As a result, the Principality
of Liechtenstein could not proceed with the return of the funds.”
He
added that “to demonstrate the commitment of the federal government to
retrieving the funds which belong to the Nigerian people, the
Attorney-General of the Federation also filed a suit against Mohammed
Abacha before the Abuja High Court.
“As part of the negotiations
to expedite recovery of the funds, the Abachas agreed to discontinue the
suit before ECHR. The federal government also equally subsequently
withdrew the case against the Abachas, paving the way for the release of
the looted funds by Liechtenstein.”
Abacha is said to have stolen $5 billion while in office from 1993-1998, according to Transparency International.
Culled from NigeriaFilms.com
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