The Economic and Financial Crimes Commission (EFCC) has alleged that some Nigerian banks, in collusion with government officials, have misappropriated funds previously recovered from the late dictator Sani Abacha. The accusation surfaced amid ongoing investigations into financial misconduct involving several sectors.
In a significant development in December 2017, the Nigerian government and Switzerland penned a Memorandum of Understanding concerning the repatriation and supervision of $322 million in stolen assets, referred to as the Abacha loot. These funds were designated for the Conditional Cash Transfer initiative, part of the Social Investment Programme launched in December 2016 during the tenure of former President Muhammadu Buhari. The program aimed to distribute a monthly stipend of N5,000 to Nigeria’s most vulnerable populations.
However, Dele Oyewale, a spokesperson for the EFCC, revealed on Sunday that the commission has expanded its probe to include not only the mishandling of the COVID-19 relief funds and a World Bank-supported loan but also the re-looting of the Abacha funds. The investigation has unearthed a complex network of fraudulent activities and implicated several current and former officials of the humanitarian ministry.
“The scope of our investigations extends beyond individuals; we are examining a system riddled with corruption,” stated Oyewale. He also confirmed that numerous bank executives have been questioned, with those implicated facing potential prosecution. The EFCC emphasized that the investigations are progressing and that no involved parties have been exonerated at this stage.
The commission also disclosed the recovery of substantial sums, including N32.7 billion and $445,000, from both current and former officials of the humanitarian ministry. Further, investigations have led to the recent suspension of the former minister, Sadiya Umar-Farouq, and her successor, Beta Edu, by President Bola Tinubu, due to alleged misconduct.
The EFCC has called on the public to disregard any claims undermining the severity and progress of these investigations, reassuring that all findings will be acted upon decisively.
