News
Presidency Makes U-turn, Says Mambilla, East-West Road Projects Won’t Benefit From $311m Abacha Loot
The returned $311m Sani Abacha loot will only go towards the three Federal Government projects and not five.
The release clarifies an earlier statement that said Mambilla power and East-West road projects will also benefit from the loots.
The U.S said Nigeria would be forced to replace the $311m if stolen again.
The Presidency on Wednesday said the recently returned $311m Sani Abacha loot will only go towards the three Federal Government priority projects and not five.
According to the Presidency, only the second Niger bridge, Abuja-Kaduna-Kano expressway, and Lagos-Ibadan expressway will benefit from the repatriated funds.
The new development was disclosed in a statement by the President’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu; to clarify an earlier statement that said Mambilla power and East-West road projects will also benefit from the loots.
The statement read in part:
“In an earlier statement, I had mistakenly noted that the Mambilla was one of five priority projects to benefit from the $311 million Abacha loot under the Presidential Infrastructure Development Fund (PIDF) managed by the Nigeria Sovereign Investment Authority (NSIA). That error is regretted.
“Although the Mambilla and East-West expressway are regarded under the PIDF as priority projects; I have ascertained that they are exempted from the agreement signed between the Nigerian, United States and British territory of Jersey governments.”
“According to the document, only the second Niger bridge, Abuja-Kaduna-Kano expressway, and Lagos-Ibadan expressway will benefit from the repatriated funds. The funds are domiciled in the NSIA.”
Recovered Loot Must Not Be Relooted, US Warned Nigeria
Gen. Sanni Abacha, who ruled Nigeria between 1993 and 1998, is believed to have diverted over $4bn from the nation’s treasury. Over $1bn has been recovered from his loot so far.
The recovered $311 million loot is parts of the alleged stolen funds by the country’s former military ruler.
The United States has warned that the $311m Abacha loot must be placed in an account and must not be stolen. The US said Nigeria would be forced to replace the money if stolen.
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