On-nigeria-to-repay-recovered-abacha-loot-if-not-accounted-for-in-assigned-projects-execution-a-welcome-development
September 7, 2020 | News
ON NIGERIA TO REPAY RECOVERED ABACHA LOOT IF NOT ACCOUNTED FOR IN ASSIGNED PROJECTS EXECUTION – A WELCOME DEVELOPMENT
With regard to the recent agreement signed by the Nigerian Federal Government and the United States of America Island of Jersey to repatriate the sum of $318,460,329, which was looted by General Abacha during his military regime in the 1990s, it is interesting to note that the agreement also requires Nigeria to repay any funds lost/re-stolen as a result of any new corruption or fraud to the account established to hold the returned assets. The statement by Morgan Ortagus, the spokesperson of the State Department, said the agreement also included mechanisms for monitoring the implementation and external oversight of the three infrastructure projects to be executed in strategic economic zones across Nigeria by the Nigerian Independent Sovereign Authority. To ensure that the funds are used responsibly and for the good of the nation.
Let us recall that the said Abacha recovered loot, according to the Ministry of Foreign Affairs spokesman, Ferdinand Nwonye, will be used to fund, the Lagos-Ibadan Expressway, the Abuja – Kano Expressway and the Second Niger Bridge and will be supervised by the Nigeria Sovereign Investment Authority (NSIA). And with this signed agreement, the US has obviously made it clear that the Nigerian Government must deploy the said money into doing something that will benefit Nigerians at the long run. This, to us, is a very welcome development, which we believe other foreign nations where Nigeria’s wealth have been starched in oversea accounts, should equally have such agreement with the Nigerian authorities for every repatriated fund. Obviously, the US Government are aware that if the said Abacha loot is repatriated, it will still end up in private pockets of politicians and their fronts, regardless of whether the funds are meant to execute some identified projects. That is the only reason why they came up with this repayment agreement if the money is not used properly.
Truth is, the Nigerian masses are tired of hearing every now and then, of huge amounts of stolen public funds that were repatriated to Government coffers, but the people do not get to know what these funds were used for, or have a taste of such funds in terms of basic infrastructure. But with such agreements, like the one signed between US and the Nigerian Government, we are certain that at least, it will go a long way in making the Nigerian Government authorities concerned to be more cautious and accountable in how they use the said funds in the execution of the Three infrastructure projects in question. At least, now they know that if the said recovered Abacha loot is not judiciously used to execute the stated projects, they would have to repay. The only problem with this is the possibility of those in government currently may decide to misuse/misappropriate the said funds and then leave the burden responsibility of possible repayment to the next Government regime. Not unless the monitoring authorities would have a way to trace and identify how every dime is spent, and how they were able to account for the funds in relations to executed project(s) that will be on ground.
Other than that, we think this is a good development. At least if all goes as planned and agreed by both Governments, Nigerians can point to what the Abacha loot will be used for. This is exactly what we have been crying about; let there be some measure of ‘monitoring and evaluation’ of every dime voted for by the Government, or repatriated from oversea accounts into Government coffers for any project in the country. Let there be a Second and Third-Eye to look at how such funds are expended. And let there be some serious repercussions and consequences for defaulters who mismanaged/misappropriated such public funds. It is when there is no element of evaluation and repercussion for people’s actions, that they tend to do whatever please them and get away with it.
Zik Gbemre.
February 12, 2020
We Mobilize Others to Fight for Individual Causes As If Those Were Our Causes
With regard to the recent agreement signed by the Nigerian Federal Government and the United States of America Island of Jersey to repatriate the sum of $318,460,329, which was looted by General Abacha during his military regime in the 1990s, it is interesting to note that the agreement also requires Nigeria to repay any funds lost/re-stolen as a result of any new corruption or fraud to the account established to hold the returned assets. The statement by Morgan Ortagus, the spokesperson of the State Department, said the agreement also included mechanisms for monitoring the implementation and external oversight of the three infrastructure projects to be executed in strategic economic zones across Nigeria by the Nigerian Independent Sovereign Authority. To ensure that the funds are used responsibly and for the good of the nation.
Let us recall that the said Abacha recovered loot, according to the Ministry of Foreign Affairs spokesman, Ferdinand Nwonye, will be used to fund, the Lagos-Ibadan Expressway, the Abuja – Kano Expressway and the Second Niger Bridge and will be supervised by the Nigeria Sovereign Investment Authority (NSIA). And with this signed agreement, the US has obviously made it clear that the Nigerian Government must deploy the said money into doing something that will benefit Nigerians at the long run. This, to us, is a very welcome development, which we believe other foreign nations where Nigeria’s wealth have been starched in oversea accounts, should equally have such agreement with the Nigerian authorities for every repatriated fund. Obviously, the US Government are aware that if the said Abacha loot is repatriated, it will still end up in private pockets of politicians and their fronts, regardless of whether the funds are meant to execute some identified projects. That is the only reason why they came up with this repayment agreement if the money is not used properly.
Truth is, the Nigerian masses are tired of hearing every now and then, of huge amounts of stolen public funds that were repatriated to Government coffers, but the people do not get to know what these funds were used for, or have a taste of such funds in terms of basic infrastructure. But with such agreements, like the one signed between US and the Nigerian Government, we are certain that at least, it will go a long way in making the Nigerian Government authorities concerned to be more cautious and accountable in how they use the said funds in the execution of the Three infrastructure projects in question. At least, now they know that if the said recovered Abacha loot is not judiciously used to execute the stated projects, they would have to repay. The only problem with this is the possibility of those in government currently may decide to misuse/misappropriate the said funds and then leave the burden responsibility of possible repayment to the next Government regime. Not unless the monitoring authorities would have a way to trace and identify how every dime is spent, and how they were able to account for the funds in relations to executed project(s) that will be on ground.
Other than that, we think this is a good development. At least if all goes as planned and agreed by both Governments, Nigerians can point to what the Abacha loot will be used for. This is exactly what we have been crying about; let there be some measure of ‘monitoring and evaluation’ of every dime voted for by the Government, or repatriated from oversea accounts into Government coffers for any project in the country. Let there be a Second and Third-Eye to look at how such funds are expended. And let there be some serious repercussions and consequences for defaulters who mismanaged/misappropriated such public funds. It is when there is no element of evaluation and repercussion for people’s actions, that they tend to do whatever please them and get away with it.
Zik Gbemre.
February 12, 2020
We Mobilize Others to Fight for Individual Causes As If Those Were Our Causes