[size=14pt]FG recovers N5.6bn Abacha loot[/size]
By Allwell Okpi
Sunday, 11 Sep 2011


The Federal Government has recovered £22.5m (N5.6bn) of funds embezzled through Jersey bank accounts in the coast of Normandy, France, during the regime of the late dictator, Gen. Sani Abacha.


The Attorney General of the Federation, Mohammed Bello Adoke, was said to have led a delegation to the Island last month to negotiate the release of the funds, which were the proceeds of corrupt vehicle deals between Abacha and Raj Arjandas Bhojwani, an Indian businessman.


According to the Jersey Evening Post, the cash was confiscated from Bhojwani, who is serving a six-year jail sentence since 2010, for laundering $43.9m through his bank accounts in the Jersey branch of the Bank of India.


Bhojwani was ordered by Jersey’s Royal Court to repay £26.5m (N6.6bn) to Nigeria, as part of the sentence, after his jail term was shortened from eight years.


A statement released by the Royal Court said it represented the end of a long investigation into serious money laundering in Jersey.


Attorney General Timothy Le Cocq, said, “This is not the first time the attorney general has brought a successful prosecution for money laundering to an end and we hope that it will send out a clear message that Jersey will deal very seriously with such offences.”


The presidential spokesman, Dr. Reuben Abati, confirmed the report. He said, “Yes, I confirm it. The report is true. The money that was repatriated from Jersey is £22.5m.


“The FG through the collaboration between the Attorney General and the authorities in Jersey, recovered it.


“The money has been kept in the special account that is meant for such funds and in due time, they shall be accounted for.”


In June 2004, former President Olusegun Obasanjo, reportedly went to Jersey to thank the Island authorities for their investigations into allegations of money laundering by Nigerian officials, and for the return of £73.25m to Nigeria in previously uncovered looted cash.


In February this year, Adoke told the Senate that about $1bn looted by Abacha had been recovered by the Federal Government.


The minister also said the sum of $1.4bn that was looted by some former presidents, including Abacha, was trapped in foreign accounts.

http://www.punchng.com/Articl.aspx?theartic=Art201109112495243

The person who could at least ensure this is the last we hear about such monies was not expected. The disappearance of the money is the fresh air agenda of Nigerians - please every Naija should learn to live with it. Nothing wey una fit do anyway

This money can refurbish all Federal universities in Nigeria. At least GEJ can use it as one of his legacy.

Let's hope it will not be re-looted

Chicken Change to a senator pickennn wey dey study for chicago

Hmm,talk about the Normandy landings.

aloy/emeka:


“The money has been kept in the special account that is meant for such funds and in due time, they shall be accounted for.”

Yeah right,isn't that the same 'special account' where Tafa's billions were kept & suddenly vanished into thin air

OAM4J:

Let's hope it will not be re-looted

IT WILL

Ole to n mole.A thief that catches another thief.The source is only revealed,the application becomes secret.

Wow this is gud, i hope the money wl b use wisely

tobiaboG:

Wow this is gud, i hope the money wl b use wisely

smh
4 where!!?

Nigeria! Nigeria!! Nigeria!!! Hei my people make we get one mind abeg, cee d kind money way one person embezel d tin way supos 2 b national cake, abeg my people make we help ourself ooooo.

Why not leave the money with the abachas since the money wouldn't still reach the masses?

Yoruba's will say: "Ole gbe, ole gba" , Na thief steal ham another thief collect ham

yet the useless buhari said abacha never stole a dime??!!!. mai gaskiya my ass.

HEY MODERATOR, I USE THE A S S WORD , Y CHANGE IT?

wt f.cuking Bleep!

this is the last u will hear of these funds. As we speak, it has already been split up among a few. Thats the game, n it sure gets played.

How can we be sure that Abacha actually embezzled these monies?

I personally believe it could be a way to distract attention for the real enormorse looters Babangida and Obasanjo.

Looking at economic performance of Abacha's government:

*during  period of extreme low oil price approx $10/barrel,                (Obasanjo blessed with up to  $150/barrel)
*western economic sanctions,

*his refusal to take an IMF loan,                                                          (Obasanjo took IMF loan and mortgaged our childrens future)

*increasing our federal reserve to $9billion

*he never devalued the Naira throughout his 5 years in power                          (Obasanjo devalued Naira by 500%!!! )

*enormous military commitments to resolving wars in Sierra Leone and Liberia  (Obasanjo scaled down our commitment)

*set up the Petroleum Trust Fund from increases in fuel prices.                        (Obasanjo increased prices but closed down the PTF)

*and yet Abacha  was able to reduce inflat from 54% to under 10%  .             ( Obasanjo increased inflation)


All the above leads to wonder whether he actually did loot as the above is not usualy the performance or policies of governments that loot.
I am starting to wonder whether these money they keep recovering over and are not made up, as we never ever see any evidence of the money or what are done with the monies .

I am just starting to wonder oh!!


https://www.nairaland.com/nigeria/topic-693700.0.html

If in fact Buhari did say that Abacha never looted, I would be inclined to believe him given the performance of Abacha's government.

GenBuhari:

How can we be sure that Abacha actually embezzled these monies?

I personally believe it could be a way to distract attention for the real enormorse looters Babangida and Obasanjo.

Looking at economic performance of Abacha's government:
*during period of extreme low oil price approx $10/barrel,
*western economic sanctions,
*his refusal to take an IMF loan,
*increasing our federal reserve to $9billion
*he never devalued the Naira throughout his 5 years in power
*enormous military commitments to resolving wars in Sierra Leone and Liberia
*and yet Abacha was able to reduce inflat from 54% to under 10% .

All the above leads to wonder whether he actually did loot as the above is not usualy the performance or policies of governments that loot.
I am starting to wonder whether these money they keep recovering over and are not made up, as we never ever see any evidence of the money or what are done with the monies .

I am just starting to wonder oh!!

Where is that mad mullah buhari who said his former boss, did not to the best of his knowledge, dipped his leprosic hands into our collective fund?

And this is the same mo.ron who wants to come back and rule ruin us all over again.

You are well on your way to ruins - you dont need Buhari for that - you have the best.

OAM4J:

Let's hope it will not be re-looted 

No need to hope for too long.I prophecy that by this time next year the recovered loot will be
be re-looted by a smarter crook in government.