$2.4b looted funds traced to Abacha
The Nigerian government traced $2.4 billion looted from its coffers to the late Military Head of State Gen. Sani Abacha, a former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke , has revealed.
According to him, Gen. Abacha’s son, Mohammed, was a major stumbling block due to his uncooperative attitude after Gen Abdulsalami Abubakar, who took over from the late Gen. Abacha, initiated the move to recover the loot cash. Twenty one years after the first move to recover the loot was initiated, the bulk of the money is still outstanding.
“Gen. Abacha, who ruled Nigeria from 1993 to 1999, laundered billions of dollars, mostly through European banks, with the aid of his children, a younger brother, and Senator Atiku Bagudu, the current Governor of Kebbi State. These were his fronts. “As at the time I was appointed Attorney-General in 2010, over $1 billion was still hanging in various accounts across Europe as a result of the pranks being played by the Abacha family. We decided to redouble Nigeria’s effort: to recover the monies.
“Others included the Jersey assets, held in Deutsche Bank International Ltd, in the name of Doraville Properties Inc., and accounts at HSBC. In France, the assets were identified at Banque SBA SA in the names of Rayville International SA, Harbour Engineering and Construction Ltd and Standard Alliance Corporation.
“To protect itself; Liechtenstein requested for Sovereign Indemnity, which was promptly signed by Dr. Okonjo-Iweala, Nigeria’s Minister of Finance, in May 2013. “The new development forced us to abort the plan in order to give room for consultation with ex-President Jonathan. Ms. Njeze really threw a spanner in the works. We needed to rebuild confidence in the Liechtenstein authorities by clarifying who, in fact, should be involved in the negotiations. The Ministry of Foreign Affairs had to write to the Principality of Liechtenstein before we could make a move forward.
“Our approach in Jersey led to the successful prosecution, conviction and sentencing of Mr. Raj Arjandas Bhojwani, an associate of the Abachas, for money laundering offences. They got a confiscation order on proceeds of crime amounting to £265 million. “However, he said it was not yet able to do so because of the pending complaints by the various companies to the European Court of Human Rights. He expressed fear at the possible risk of “liability” and “just satisfaction” implications that might befall his country should the European Court for Human Rights rule in favour of the Abachas.
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