How Nigerian bankers colluded with govt officials to re-loot recovered Abacha loot - EFCC

The Economic and Financial Crimes Commission has revealed that some commercial banks colluded with government officials to re-loot the recovered loot of the late General Sani Abacha.

Recall that in December 2017, the Federal Government signed a Memorandum of Understanding with Switzerland on the return and monitoring of the $322 million Abacha loot.

According to reports, the proceeds were proposed for Conditional Cash Transfer under the Social Investment Programme which began in December 2016, under ex-president Muhammadu Buhari’s administration.

It was said that the looted funds were given to provide N5,000 monthly stipends to the most vulnerable Nigerians in the country.

A spokesperson for the anti-graft agency, Dele Oyewale, on Sunday April 24, said in a statement that the agency began an investigation into the alleged financial malpractices from the ministry involving the COVID-19 funds and the World Bank-assisted loan coordinated by the Humanitarian Ministry.

The statement reads;

“Discreet investigations by the EFCC have opened other fraudulent dealings involving COVID -19 funds, the World Bank loan, Abacha recovered loot released to the ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.

“It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.

Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.’’

The EFCC said, so far, N32.7 billion and $445,000 has been recovered from both past and suspended officials of the humanitarian ministry.

It stated that former minister, Sadiya Umar-Farouq, and her successor, Beta Edu, who was suspended by President Bola Tinubu in January for alleged abuse of office are under investigations following their affairs while in office.