Federal Government To Receive €167m Abacha Loot From Liechtenstein

The Federal Government  would, on June 25, receive the sum of €167m or $227m (About N35.2bn) from the Government of the Principality of Liechtenstein as part of the looted funds recovered from the family of the late Head of State, Gen. Sanni Abacha.

The Minister of Finance, Dr Ngozi Okonjo-Iweala, confirmed the development in a statement by her Special Adviser on Communication, Mr Paul Nwabuikwu.

The statement reads in part, “We can confirm that Nigeria will on June 25, 2014 receive the sum of €167m ($227m) from the Government of the Principality of Liechtenstein, part of looted funds recovered from the Abacha family.

“To ensure the proper utilization of the funds, President Goodluck 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 part of the funds be saved in the Future Generations Fund, one of the Funds managed by the Nigerian Sovereign Investment Authority to help secure the economic future of both Nigerian youths and unborn Nigerians.”

“In line with the agreement reached with the Principality of Liechtenstein, the World Bank will assist in monitoring the utilization of the funds in specific projects.”

Working under the leadership of Jonathan, the Attorney General of the Federation, Mr Muhammad Adoke, led the effort with the support of Okonjo-Iweala and the National Security Adviser, Col. Sambo Dasuki (retd), for the release of the fund.

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 government of Liechtenstein could not proceed with the return of the funds.

To demonstrate the commitment of the Federal Government to retrieving the funds, the Attorney-General of the Federation also filed a suit against the son of the late Abacha, Mohammed, before the Abuja High Court.

As part of the negotiations to expedite the recovery of the funds, the Abachas agreed to discontinue their suit before the 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.