First Word on SB

First Word on SB

Telling stories that matter to Nigerians

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FW: What does Nigeria have planned for Abacha's Loot?

Aisha-Nana Salaudeen

Aisha-Nana Salaudeen

Aisha is trying to figure out how to tell as many impact stories as possible in different forms.

This article is part of our #FirstWord series to provide context on trending news.

 

The Nigerian government on April 22, 2018, announced its plans to use the $322.52 million returned to the country by the Swiss government as part of the funds looted and stashed abroad by the late military dictator, Sani Abacha, to implement its National Social Welfare programs.

Kemi Adeosun, Nigeria’s Finance Minister, announced this officially while speaking to the press at the end of the 2018 International Monetary Fund/ World Bank Spring meetings in Washington, United States, last month.

Sani Abacha was a Nigerian Army Officer and a politician who served as President of Nigeria from 1993 to 1998. It is not the first time stolen funds are being recovered in his name, in 2016, the Swiss government confirmed that it had so returned $723 million worth of hidden funds to the Nigerian government in the last 10 years. 

 

What else do we know?

Nigeria is one of 4 countries being prioritised for asset recovery assistance. Sri Lanka, Tunisia and Ukraine are the other 3 countries prioritised for recovering funds similar to this.

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