fear north

RockMaxi:

This time it will be in a safer hand.

Wailers how far? "Leave that cliché for now Abacha's main man is in charge.

For some reason, This Abacha loot seems to be an act of God for such a time as this. Atleast, Buhari worry about how to raise funds just got less. The man heaped wealth for Nigerians for such a time as this so to this,
But
I say thanks Abacha, your loot couldn't have come at a better time. To God be the glory.

As for PMB, seriously you don't have any reason not to perform, I tell you. Let's see how you make do with this loot.

Maybe you will do something worth while or share it again as bailout fund.

What i do not understand is that any money been returned to naija is labelled as Abacha loot, Is it only Abacha that ruled naija and syphoned money , what about other peoples loot

Make una talk true who really is responsible for the loot and stop hiding in Abacha´s shoes abeg..

Blood of zacharia! How much this man steal sef? The one he stole that they returned is what Santasuki shared for everybody in Nigeria except me and my family. Now this one again. Lawd have mercy!

So this kind money no him one man get make some people DE struggle to rent one room

jejemanito:
May be that was why Bubu said Abacha wasn't corrupt

Who knows that nigga might prolly been saving for the rainy day albeit illegally

Just like Oliver Queen (Arrow), you can argue with his method but never his result

Who says manna doesn't fall from above anymore?
See as money full ground yakata

[s]In fact Abacha should be canonized with immediate effect[/s]

You are just too funny, lmao. Am stil trying to figure out if you are serious or just being sarcastic.. lol

Herald47:
Still yet buhari said he is not corrupt

Yes Buhari is right, going by GEJ definition

Stealing is not corruption

Abacha is a Business man who invest in foreign currency, now the money has appreciated to reasonable sum
Isn't that good, dollar in 1996 is not the same in 2016

hush15:

For some reason, This Abacha loot seems to be an act of God for such a time as this. Atleast, Buhari worry about how to raise funds just got less. The man heaped wealth for Nigerians for such a time as this so to this,
But
I say thanks Abacha, your loot couldn't have come at a better time. To God be the glory.
As for PMB, seriously you don't have any reason not to perform, I tell you. Let's see how you make do with this loot.
Maybe you will do something worth while or share it again as bailout fund.

Following General Sani Abacha’s death on June 8, 1998, General Abdulsalami Abubakar assumed power. A month later on July 13, 1998, apparently having seen evidence of monumental looting of the treasury by his late predecessor, then Head of State instituted the Special Investigation Panel to establish “cases of swindled public funds and recover same back to the federal government coffers”. The panel was also to identify the culprits and recover all properties or assets illegally acquired by the culprits.

Within a matter of days, the panel had secured records from the apex back which revealed that between November 1994 when he took over and June 1998 when he died, Abacha had taken from the CBN funds totaling $2,263,520,497 in cash withdrawals, travelers cheques and telegraphic transfers, in the name of “security vote”. However, the job of the panel was made easy by the fact that one of the Abacha family associates, Alhaji Abubakar Bagudu (currently a senator representing Kebbi Central) was ready to cooperate by returning some of the loot.

The first yield came just a few weeks after Abacha’s death when the CBN Director of Foreign Operations, Mr. M. R. Rasheed, on 21 September 1998 acknowledged receiving from Bagudu the sum of US$604,743,187.19 and GB £60,090,984.93. There was an additional GB £ 5.25 million from Bagudu a few days later to complete what was considered full and final settlement with the Federal Government. And with that, on May 26, 1999, just three days before handing over power, General Abubakar promulgated Decree 53 of 1999 on forfeiture of assets by certain persons which listed the monies returned by the Abachas.

The import of the decree was that the family of Abacha and some of their conduits like Bagudu, Gilbert Chagoury, Mark Risser et al would not face any civil or criminal prosecution on account of the forfeitures. But a few months after President Olusegun Obasanjo assumed power on May 29, 1999, it became evident that Abacha and his cronies had actually fleeced Nigeria to the tune of about $ 4 billion in several deals that included inflation of (or unexecuted) contracts, the Ajaokuta debt-buy—back scam, shady oil transactions etc. That began another round of tricky negotiations with the family with then Attorney General and Justice Minister, Mr. Kanu Agabi, SAN, acting on behalf of the federal government.

The yields from those negotiations were: $110 Million from Uri David; $50 million from Abdulkadir Abacha (younger brother to the late Head of State); $170 million from Doraville Properties and various sums totaling hundreds of millions of US Dollars from Switzerland. Since then, the Abacha family, even while instituting several legal actions of its own against the Federal Government, has been seeking a closure to the civil and criminal proceedings in Switzerland, United Kingdom, Liechtenstein, Luxemburg, Spain, New Jersey (USA) etc. as well as at home. That was what the Jonathan administration recently obliged and interestingly, part of the deal is that “the Abacha family would wish to bring assets back to Nigeria so that these could be invested in the Nigerian economy.”

Last week, June 25 to be specific, the Federal Government received the sum of $227 million from the Government of the Principality of Liechtenstein as part of the looted funds from the Abachas and another $380 million is expected from Luxembourg within the next two weeks. And quite typically, a committee has been set up by the Jonathan administration, this time on how to spend Abacha loot! Yet for me, since these monies are coming in because of a deal that grants reprieve to the Abacha family, the Federal Government needs to come out clearly to tell us how much has been recovered from 1999 to date, how much has been spent (and on what and when) and what remains (if any). Aside the issue of transparency, the fact also remains that Abacha loot really does not belong to the Federal Government alone but indeed the Federation which means the 36 states and the 774 Local Governments ought also to be beneficiaries.

However, the jury is still out as to whether the deal between the Federal Government and the Abacha family will stand. For instance, Decree 53 promulgated by General Abubakar was premised on the assumption that the Abacha family had “vomited” enough of the loot. Under Obasanjo, there were also three of such agreements that never worked. The first one was in 1999 but the most interesting was that of March 2002. Acting on behalf of the Obasanjo government, Agabi had signed the “Global Settlement Agreement” which also stipulated a complete resolution of all civil and criminal issues worldwide between the government and the Abacha family as well as associates. The seven-page document also did not stand. So, I am waiting to see how this one too will work out and if it does, whether another government will not in future discover reasons why the Abacha family should “cough out” more money.

I know many people have wondered how Abacha was able to take as much money from the Nigerian treasury but the manner in which he did it would make for a bestseller novel because the details are actually stranger than any fiction: His National Security Adviser, Allhaji Ismaila Gwarzo, would make a request, Abacha would endorse and the CBN would release the cash. And it all started less than two weeks after he took over power from Chief Ernest Shonekan.

In a letter dated 30th November 1994, Gwarzo requested for US $100 million to combat “an economy that was deflected and distorted through the black market”. By the arrangement, the dollar was to be sold through Bureau De Change dealers at the then prevailing exchange rate, with a view to mopping up the naira, and beefing up its value. Having apparently been briefed by Abacha, then CBN Governor, Dr. Paul Ogwuma released the cash in the following sums: US $95 million and GB £ 3.2 million. Abacha’s son, the late Ibrahim was to sell the dollars in the black market and remit the naira equivalent to the CBN through Gwarzo. The transaction was indeed carried out even though the money eventually returned to the CBN was not up to what was received.

However, the import of that first transaction was that Abacha had realized just how easy it was to directly take money out of the CBN and that became a perfect scam for him. All that was then needed was a letter from Gwarzo seeking approval for any sum of money in the guise of “security” and the CBN would release such demand in cash. So primitive was the whole arrangement that the principal job of some security officials was to be bagging and re-bagging millions of Dollars and Pound Sterling. The following are a few of the documented transactions:

On February 13and 15, 1995 Gwarzo collected US$200,000 and US$600,000 respectively (totaling $800,000) from the CBN. This was sequel to Abacha’s approval of his letter dated 15th February, 1995 in which he requested for US dollars $4 million and GB£ 2million “to take care of some developments in a number of areas…” The $800,000 was part payment for the approved sum of US $4 million while the balance was paid in Travellers’ Cheques. On 29th December 1995, Gwarzo collected from the CBN the sum of US $5 million based on Abacha’s approval of his letter to deal with “situation at hand”!

The reasons given in many of the letters seeking approval to take money out of the CBN beggar belief but having “started small”, Abacha apparently became more emboldened with time. On 23rd August, 1996, Gwarzo collected US $30 million from the CBN following Abacha’s approval of his letter dated 20th August 1996, requesting for the said money to “assist our immediate neighbours and others within this sub-region”. On 18th December, 1996, Gwarzo collected US $ 66.5 million and GB £20 million following Abacha’s approval of his letter to meet “some requests from Heads of State of some Francophone countries, and to cultivate African solidarity.”

A month later on 30th September, 1996, Gwarzo collected US $ 50 million and GB £20 million from the CBN sequel to his letter dated 24th September 1996, requesting for the money to “prop some African and other Third World countries” to assist in Nigeria’s “democratization and economic recovery”. On 28th April, 1997, Gwarzo collected US $60 million GB £30 million sequel to Abacha’s approval of his letter dated 22nd April 1997, in which he requested for the said sums for “public relations to international communities and organizations”.

On 9th July, 1997, Gwarzo collected US $ 5 million from the CBN following Abacha’s approval of his letter dated 23rd May, 1997 to meet all “demands and commitments as directed”. A month later on 8th December, 1997, Gwarzo collected US $120 million and GB £50 million sequel to Abacha’s approval of his letter dated 26th November 1997. And on 19th January, 1998, Gwarzo collected from the CBN the sums of US $100 million and GB£ 50 million to “counter insinuations that (Lt. General Oladipo) Diya’s coup was not real, and the government framed them to remove and replace the coupists with stooges.”

The interesting thing about this particular transaction was that while re-bagging the money, “four cartons containing a total of about US$ 8 million were set aside” in Gwarzo’s own residence, while the balance of US $57 million and GB£ 30 million were delivered to the late Head of State through Mohammed Abacha. On 25th October, 1997, Gwarzo collected US$ 80 million and GB £40 million “to sponsor military intervention in Sierra Leone, and garner support for same in the West African Sub-region.” On 30th April, 1998, a few weeks before Abacha died, Gwarzo collected US $ 80 million, GB £50 million and N250 million based on his letter dated 29th April 1998 for the conduct of an enlightenment campaign on the “virtues” of an “Abacha Presidency”.

On 5th July, 1996, Gwarzo collected from the CBN the sum of US $8.1 million and GB £ 5.2 million based on his request dated 14th June 1996, to support five presidential aspirants in the Niger Republic general elections. On 21st February, 1997, Gwarzo collected from the CBN the sums of US $60 million and £20 million for “pro-Nigeria propangada” abroad. On 1st April, 1998, Gwarzo collected from the CBN the sums of US $65 million and GB £30 million for “Public Relations at home and abroad, to counter the European Union campaign against the transition programme.” On the 8th of May, 1996 Gwarzo collected US $3 million and US $9 million respectively from the CBN. Out of this sum, he reportedly sent US $ 7 million (on behalf of Abacha) to then President Matthew Kerekou of Benin Republic as “assistance to the country to pay outstanding workers’ salary” while US $2 million was for Kerekou himself.

On 13th November, 1996, Gwarzo collected US $5 million and GB £3 million from the CBN based on his letter dated 7th November, 1996 “to take care of foreign dignitaries who will attend the burial ceremonies of the first President of Nigeria, Dr. Nnamdi Azikiwe.” On 10th September, 1997, Gwarzo collected US$ 60 million and GB£ 30million from the CBN “to finance a campaign for a seat on the Security Council of the United Nations Organisation.” On 9th December, 1996, Gwarzo collected US $5 million from the CBN sequel to Abacha’s approval of his letter dated 21st November, 1996 in which he requested the said sum “to finance the purchase of ten Toyota Land Cruisers, and ten Peugeot 505 saloons for the Republic of Mali”.

I can go on and on because the list is actually very long but I believe the point is already made, even though it need to be said that more than half of the entire money was diverted to the private accounts of Abacha and his cronies, rather than for the purposes for which they were collected.

WhoIBe:
What i do not understand is that any money been returned to naija is labelled as Abacha loot, Is it only Abacha that ruled naija and syphoned money , what about other peoples loot

Make una talk true who really is responsible for the loot and stop hiding in Abacha´s shoes abeg..

GOD BLESS YOU. These were my thoughts exactly. It is cos Abacha is dead, that's why they can put all the looted money returned in his name.

spiralwedge:
Nigerians are mumu. Such humongous amounts hidden away here and there... And you guys still worship the dude's family and sometimes post their lavish pictures on FP on NL or follow them on Twitter. What?!
His daughter Gumi for instance is supposed to be lynched.

i tot gumsu is his daughter-in-law.. but what does Lynching make u? Eh? A better person? If them no return d money u go know?

Saint Buhari should personally fly to Switzerland to receive the money.

appini:
Saint Buhari should personally fly to Switzerland to receive the money.

Na Wire transfer to the treasury

ayindejimmy:
The government of Switzerland is prepared to transfer to the Nigerian government, another $300 million recovered from the family of former military ruler, Sani Abacha, foreign minister, Geoffrey Onyeama, announced Monday.
The money is part of an estimated $5 billion stolen and stashed in foreign accounts by the late dictator.
Nigeria has in the last 10 years received over $1 billion from the Swiss and American governments, but there are growing concerns past administrations misused the huge sum.
PREMIUM TIMES reported in December 2015 how former finance minister, Ngozi Okonjo-Iweala, with the approval of former President Goodluck Jonathan, authorised the diversion of at least N61.4 billion ($300 million and £5.5 million) from funds recovered from Mr. Abacha, to the Office of the National Security Adviser, Sambo Dasuki, few weeks before the 2015 presidential election.
The former minister said the money, which was not approved by the National Assembly, was meant for purchase of military equipment for the fight against Boko Haram.
The money is believed to be part of at least $2.1 billion slush fund later distributed by Mr. Dasuki to politicians ahead of the polls. An ongoing investigation into the scandal as led to the indictment of several high profile figures.

http://www.premiumtimesng.com/news/headlines/196616-switzerland-to-transfer-another-300-million-abacha-loot-to-nigeria-minister.html

Meanwhile

Buhari supporters in the house, does your man still believe that Abacha was not corrupt?

Some Nigerian youths are fo.ols as mentioned above by some one. It beats my imagination on hw youths would be siding politicians up to the point of abusing deselves. In as much as i support d anti-corruption crusade of dis administration, i can't sing Buari's praises as a pesn.
All we need in dis country is a united front against dis pipl (PDP$ APC) and in a matter of time our country Wil stand tall. Jst imagine d amount of money flying around as looted funds and some pipl comes online to engage in e-fight on their behalf, Very disgusting. Time, jst a matter of time and a revolution Wil put every politicians in their containment.

cosby02:

But it was your uncle Jona that gave him National Award na

Bro please which kind leaders we get for ds country sef....
One said he did not loot..
Anoda gav National Award. .. chai

hush15:


For some reason, This Abacha loot seems to be an act of God for such a time as this. Atleast, Buhari worry about how to raise funds just got less. The man heaped wealth for Nigerians for such a time as this so to this,

I say thanks Abacha, your loot couldn't have come at a better time. To God be the glory.

As for PMB, seriously you don't have any reason not to perform, I tell you. Let's see how you make do with this loot.

Maybe you will do something worth while or share it again as bailout fund.

Wat about Dasuki's loot??

Abacha was not corrupt-Buhari.

What is hypocrisy again?

The slow pace at which they 've decided to transfer the monies can create enough room for it to be invest and yield its initial principal for swiss authorities. Buhari shouldn't use it for cocoa yam feeding scheme oh.

The reason why Buhari said Abacha did not loot Nigeria's treasury was because he was a fellow Northerner. The North can never do wrong in his eyes, and once a bigot always a bigot, no wonder all his appointments are lopsided in favor of the North. Of course he knew Abacha was a thief and a rogue, but that's his brother.

drss:

when will dis Zombie Media stop mastubating ova GEJ n NOI Is GEJ still d president

Don't mind the zombies, none of them will say anything concerning that Daura President that said Abacha didn't steal. they are simply shouting NOI AND GEJ to cover their shame whenever Abacha's loot is mentioned.

RaptorX:
The reason why Buhari said Abacha did not loot Nigeria's treasury was because he was a fellow Northerner. The North can never do wrong in his eyes, and once a bigot always a bigot, no wonder all his appointments are lopsided in favor of the North. Of course he knew Abacha was a thief and a rogue, but that's his brother.

Don't mind them idiots. despite all the glaring evidence, and his zombie followers are there looking like goats

modath:


You took the words from my head!!

He "saved" for us when it was $- 60#, so we don make gain, *NaGodwin

The swiz govt also made gain from the cumulative n compound interest for over 20yrs. I am sure the interest will not be returned.
The western world still try sha. I know for sure, being a moslem he would surely have foreign accounts also in Arab/Asian/eastern world but those ones don enter voice mail. Those Arab are kinda introvert when it comes to foreign policy..... they will never disclose they collected kobo from him.

With due respect virtually all the response show a lack of critical thinking.

Why nobody asking these questions:

If by most reliable estimates approx $200bn has been looted from Nigeria since Abacha died, why is all the focus on $2 bn allegedly stolen by Abacha almost 20yrs ago?

How could Abdulsalami Abubakar, within one week whilst he should be getting settled into power have discovered that Abacha looted and instituted a panel on only Abacha and no other persons?

Why is nobody asking about recovery of the recent missing $20bn that Sanusi alerted us about?

Why is nobody talking about $16bn Thief Obasanjo made disappear before our very eyes in 2007?

Why has no journalist ever questioned Abacha family about their alleged loot?

In which Nigeria court was Abacha ever convicted of looting before the matter was taken to foreign courts?

How many of us have bothered to find out if those foreign courts proved Abacha looted any part of the pittance funds they have allegedly returned to Nigeria .

The truth is Abacha is a convenient scapegoat and the irony is that Abacha never looted a kobo, as Buhari had stated.

People please wise up and start engaging your brains .

modath:


You took the words from my head!!

He "saved" for us when it was $- 60#, so we don make gain, *NaGodwin

Saved for who? He stole it at 1$ -60N and now it's 220N. My brother the whole money he stole has LOST its value. Cos to dollar, it's. Lesser.

Pavarottii:

Saved for who? He stole it at 1$ -60N and now it's 220N. My brother the whole money he stole has LOST its value. Cos to dollar, it's. Lesser.

Sarcasm Bros, Sarcasm!!! Makes things easier to handle.

Do you know how manyHospitals, modern airports, roads, bridges High speed train we could have gotten way back when?

The goggled eye monster spent 5yrs & set the country back by 25!!

& I'm a SIS.

modath:



Sarcasm Bros, Sarcasm!!! Makes things easier to handle.

Do you know how manyHospitals, modern airports, roads, bridges High speed train we could have gotten way back when?

The goggled eye monster spent 5yrs & set the country back by 25!!

& I'm a SIS.

Okay sis, just wanted to be sure of wat u were saying; and don't tell me u own all those shoes?

[size=18pt]Within a period of 5 years ( 1993 - 1998 ) General Abacha committed one of the most heinous crime by looting our treasury.


www.youtube.ng/watch?v=qhG3OU8FZZk

[/size]

One man that had only N20,000.00 when he came out of Abacha's prison did not loot this country, is that what they are telling me? When will I hear of the return of his loots?