Unbelieveable! See What is Left of Abacha's Loot After Withdrawal for Arms Procurement Deal

The federal government yesterday revealed the remaining balance in the account holding the loot of the late former Head of State, General Sani Abacha.

The Federal Government on Thursday, December 17 said there is a balance of $26m and £19 million in the Abacha loot accounts.

 

The announcement was made at the end of the National Economic Council (NEC) meeting at the Presidential Villa in Abuja. It was presided over by its Chairman, Vice President, Yemi Osinbajo.

 

The Abacha loot is the name given to the cash stolen by former military Head of State Gen. Sani Abacha (1993-1998), locked away in foreign banks which was recovered by the government. Nobody has been able to state exactly how much the former Head of State stole.

 

The late Gen Abacha is believed to have stolen so much that even the World Bank declared it “too huge to handle”.

 

The issue of the cash returned to the front burner when former Minister of Finance and Coordinating Minister of the Economy Ngozi Okonjo-Iweala, admitted that she gave $300m and £5 million from the loot’s accounts to former National Security Adviser (NSA) Col. Sambo Dasuki for arms purchase. She said $700million was being expected.

 

The money is believed by the Economic and Financial Crimes Commission (EFCC) as part of the cash shared to politicians by the Office of the NSA, for which Dasuki and others, including former Sokoto State Governor Attahiru Bafarawa, are standing trial.

 

Accountant-General of the Federation Alhaji Ahmed Idris gave the figure in the account as of last month yesterday.

 

Benue State Governor Samuel Ortom said after the NEC meeting: “We were briefed on the Abacha loot recovery.

 

“The Accountant-General of the Federation reported that the dollar account as at November 2015 ending has a balance of $26 million while the pound sterling has a balance of 19 million and 33 pounds.

 

“So that is where we are as at today.’’

 

Ortom also said the Accountant-General briefed the NEC on the remittances of naira equivalent of foreign exchange remittances made into some revenue generating agencies, adding that the incidents were further being looked into.

 

He said the practice was not allowed and that the Federal Ministry of Finance was working out the details which would be forwarded to NEC.