The Centre for Anti-Corruption and Open Leadership (CACOL) has hailed the recent repatriation of Abacha’s loot from United States of America (USA) and enjoined the Federal Government to ensure judicious use of the funds in areas that will transform the country’s dwindling fortunes.
Mr. Debo Adeniran, CACOL’s Executive Chairman, in a statement signed by Adegboyega Otunuga, the group’s Coordinator, Media and Publications, while commending government’s efforts in getting the looted fund back, lamented that the level of relooting of such repatriated funds, which it said had became so worrisome and a cause for regrets.
It noted that the US government reportedly insisted that Nigeria should be ready to ‘replace’ the over $300 million it returned, if the fund was misused.
The group expressed worries that previously repatriated funds had continued to develop wings and found their ways into private pockets, while the country had continued to laments its collective woes.
“We therefore, lend our voice in requesting for the judicious use of these huge capital, both on social provisions of amenities that could ameliorate the unsuitable conditions of majority Nigerians that have been so far, worsened by the Coronavirus pandemic, and in enhancing certain capital projects that should have a positive roll-over on the national economy and infrastructure on the long run.
“We also pledge our commitment and readiness in providing monitoring and oversight roles towards assisting government in achieving openness and accountability at the end of utilisation of the latest repatriated funds.”
The statement read in part: “We received the news from the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN) to the effect that about $311.7 million or N1.17trillion was finally repatriated by the American government only recently.
“We would recall that the official process and agitation for the return of these looted funds goes as far back as 2014, while negotiations for the repatriation commenced, shortly after the ascension into office of the current government.
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“It is noteworthy that General Abacha (rtd) was a maximum military ruler who governed Nigeria from 1993 to 1994 after the annulment of June 12, 1993 elections that were later officially annulled by the Military.
“As at the last count, over $3bn has been repatriated from various countries that include: Switzerland, UK, etc. Incidentally, nothing tangible could be said to have happened to the people of this country even with all the looted funds being recovered or repatriated from both within and outside the country since the advent of the civil rule and under the current dispensation as the country continues to run a mono-cultural economy with the price of oil nose-diving almost to a ridiculous level of loss at current rate; while an average Nigerian continues to live below the UNDP (United Nations Development Plans) suggested level of $2 per day. This is more hearty-rending as the annual GDP (Gross Domestic Product) growth rate of the country remains at barely 2.5 percent.
“The level of relooting of such repatriated funds became so worrisome and a cause for regrets that the US government was reported to have insisted that Nigeria should be ready to ‘replace’ the over $300mn it returned if the fund was misused.
“This is so as previously repatriated funds continue to develop wings and find their ways into private pockets while the country laments its collective woes.
“We therefore, lend our voice in requesting for the judicious use of these huge capital, both on social provisions of amenities that could ameliorate the unsuitable conditions of majority Nigerians that have been so far, worsened by the Coronavirus pandemic, and in enhancing certain capital projects that should have a positive roll-over on the national economy and infrastructure on the long run.
“We also pledge our commitment and readiness in providing monitoring and oversight roles towards assisting government in achieving openness and accountability at the end of utilisation of the latest repatriated funds.
“The political class in Nigeria needs not look far on why the country is still a far cry from what it is supposed to be.
“This is because of the pathological despoliation of the nation’s meagre resources that condemn it to a wanton life of subsistence living and largely an agrarian economy rather than an industrial and developed economy that should be at the forefront in changing the overall fortunes of the black African nations in global reckoning.”
