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Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala - Politics - Nairaland

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BREAKING-Col Kayode Are, DSS Boss Under OBJ Arrested Over Arms Deal / ​$700m Second Niger Bridge Money Missing, Oshiomhole Insists / Switzerland Returns Abacha's $700m Loot To Nigerian Government (2) (3) (4)

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Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by fabulous4u: 1:00pm On Nov 26, 2013
• Accuses Leichtenstein, Abacha-linked
firms of delay tactics
•World Bank to participate in the recovery
Tokunbo Adedoja, Kunle Aderinokun and
Ndubusi Francis in Washington DC
The federal government has thrown more
light on the challenges it is facing in the
recovery of the €185 million stashed
away by the late Head of State, General
Sani Abacha, in banks in Liechtenstein,
one of the smallest countries in the
world, located in central Europe.
The Coordinating Minister for the
Economy and Minister of Finance, Dr.
Ngozi Okonjo-Iweala, told journalists in
Washington DC, United States that the
government of Liechtenstein was not
disposed to returning the loot to the
Nigerian government.
She said the German-speaking country,
through shell companies, commonly
called front companies, had put up legal
challenges, in a bid to ensure that its
banks benefited from the proceeds of the
The finance minister said: “When we
identified this money 14 years ago, we
set up a series of steps to try and get it
back. It was going through several
“The companies and their representatives
have always thrown legal challenges
every step of the way. It got to a stage
where the court in Liechtenstein had
litigated that the money should be
“However, those companies have taken
the case to the European Court of Human
Rights, saying that the Liechtenstein
Government had violated their human
rights by allowing this money to be taken
away from them.
“As you know, that charge does not
obtain but by taking it to that court, that
means another two or three years delay.
They are just using delay tactics. The
delay tactics suits the Government of
Liechtenstein because their banks get to
keep the money. And what do they do?
They will invest it and make money out
of it.”
She disclosed that the federal
government had taken several legal
steps, through its lawyer, Mr. Enrico
Monfrini, a Swiss national, and the
Attorney-General of the Federation,
Mohammed Adoke.
But the efforts, according to her, had
always been met with stiff opposition
from the Liechtenstein Government,
which is now asking for a third-party
guarantee from the Nigerian Government.
This, she pointed out, was after she had
signed an indemnity on behalf of Nigeria,
that the federal government would pay a
fine if the European Human Rights Court
- where the shell companies fighting
against the release of the loot, filed a
case - found any reason to penalise the
country for releasing the funds.
“If this thing keeps being delayed, it will
be denying Nigeria its rightful
possession and the Liechtenstein
Government asked us to sign a guarantee
that if the European Court of Human
Rights fined them for any reason, we will
indemnify them; that means we will pay
that fine.
“We said fine, because the likelihood of
paying for acting in this way was very
limited. So we signed the indemnity, I
signed it with the approval of Mr.
President and after receiving it, they now
turned and said no. They need a third-
party guarantee; they need a bank in
another country to guarantee them,” she
According to her, the delay tactics by
Liechtenstein was aimed at ensuring the
proceeds accruing from the loot are
enjoyed by the banks, to the benefit of
the economy of Liechtenstein but to the
detriment of Nigeria, the rightful owner of
the stolen money.
Okonjo-Iweala argued that requesting
Nigeria for a third-party guarantee was
unacceptable, stating that the federal
government would fight hard to recover
the money, which is rightfully owned by
the country.
Speaking further, Okonjo-Iweala stated:
“We said to them if they have a problem
with how the money will be used, we will
do a similar thing with them, the way we
did when the Swiss Government returned
$500 million equivalent to us under
President Obasanjo’s regime.
“We had the World Bank work with us
with our own NGOs and Swiss NGOs to
monitor the use of this money. We put
the money to specific projects that were
beneficial to Nigerians, in rural areas, like
rural roads, health clinics and all of them
were specified and monitored.
“And today, that has set the track record
for the way these returned monies can be
used. We have said to the Liechtenstein
Government that we are prepared to do a
similar thing and the World Bank has
agreed to participate in it.
“There is a unit at the World Bank, which
I set up during my time called, The Stolen
Asset Recovery Unit, and they do these
kind of things with countries.
“They can help you monitor the use of
returned assets, they can help support
you in recovering your money. We are
glad to have the World Bank, so they
should return our money and it would be
used in a very transparent way for
projects that Nigerians will be happy
“President Goodluck Ebele Jonathan has
pledged himself in this respect, and
that’s what we are asking them.”
Nigeria had embarked on a vigorous
campaign over a decade ago for the
return of the €185 million looted by firms
linked to Abacha but harboured in
In 2000, the federal government made a
formal request to Liechtenstein for the
return of the looted funds channelled
into the tiny country through shell
chunk of which was laundered through
European banks had been traced. So far,
Nigeria has recovered $1.3 billion, with
the largest tranche of $500 million
coming from Switzerland in 2005.
An additional $1.1 billion, traced and
harboured in France, United Kingdom,
Luxembourg and the Channel Island of
Jersey, is still trapped in legal action.
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by 1stola: 1:01pm On Nov 26, 2013

u see. Baba only used the money to buy Nokia 3310 for all Nigerians.
good work der baba.
may u be rewarded.
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by fabulous4u: 1:04pm On Nov 26, 2013
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by gidigbi(m): 1:35pm On Nov 26, 2013
One after the other the truth will gradually unfold itself for the discerning populace to know and come to terms with what we are up against. God help us all.
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by chimex38: 1:36pm On Nov 26, 2013
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by chimex38: 1:42pm On Nov 26, 2013
All these countries: france, UK, Luxembourg, & d useless Liechtenstein government. Would not b labelled thieves. If its in nigeria. We would already b labelled a Robbery nation[US no dey waste time].
The international court & d UN will not come to our aid against this Liechtenstein of a country, allowin nigerians 2 fight on dier own. Kudus 2 u madam.. Ur influence in d world bank is all we have left.
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by fabulous4u: 2:12pm On Nov 26, 2013
now can the lies against gej stop,at least this should be enough to silence these liars and APC loudmouths
Re: Abacha's $700m Loot Was Recovered And Utilized Under OBJ -okonjo-iweala by ogb5(m): 5:00pm On Nov 26, 2013
You are wasting time. Line up all the dependants of Abachi and lock them up. tell them they will be free when they sign for their family's loot is returned.

Kill them monthly in prison, quickly they will understand and the money will be returned.

Are you supposed to beg the accomplice of thieves to return what they stole?

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