The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, yesterday confirmed the payment of Euro 167m (N37.4bn) from the Government of the Principality of Liechtenstein and how government intended to manage it.
A statement by the minister’s Special Assistant, Paul Nwabuikwu, in Abuja indicated that President Goodluck Jonathan would constitute an inter-ministerial committee to identify the best projects and programmes in which to invest the funds for proper utilisation.
The minister also stated that the President had directed that part of the funds should be saved in the Future Generations Fund, one of the funds managed by the Nigerian Sovereign Investment Authority, NSIA, to secure the economic future of Nigerian youths and unborn Nigerians.
According to her, as part of the terms of the agreement reached with the Principality of Liechtenstein, the World Bank will assist in monitoring the utilisation of the funds in specific projects.
Okonjo-Iweala noted that the return of the funds was the culmination of a 16-year effort by the Federal Government to retrieve the funds. She also disclosed that the retrieval of the stolen funds was the result of President Jonathan’s efforts along with the Attorney- General of the Federation, AGF, Mr. Muhammad Adoke, with support from her office and that of the National Security Adviser.
The minister attributed the delay in retrieving the looted funds to the suit instituted at the European Court of Human Rights, ECHR, by companies owned by the Abachas alleging infringement of their rights to a fair trial and to peaceful enjoyment of their possessions, which did not allow the Principality of Liechtenstein to proceed with the return of the funds.
To demonstrate the commitment of the Federal Government to retrieving the funds, Okonjo-Iweala said that the AGF also filed a suit against Mr. Mohammed Abacha before the Abuja High Court.
According to her, as part of the negotiations to expedite the recovery of the funds, the Abachas agreed to discontinue their suit before the ECHR, a move which also made the Federal Government to subsequently withdraw the case against the Abachas, paving the way for the release of the looted funds by Liechtenstein.
Adoke had on Wednesday announced the Federal Government’s decision to discontinue the prosecution of Mohammed Abacha, the eldest son of late Head of State, Gen. Sani Abacha, over the role he played in the stealing of the money.
Although the Federal Government’s decision contradicted its position on corruption cases, Adoke relied on Section 174 (1) (c) of the 1999 Constitution to invoke his powers to discontinue the case, citing availability of new facts to justify his action.
However, analysts have questioned the rationale behind the Federal Government’s trade off with the Abacha family on the looted funds, particularly the unreasonableness of allowing the family to go away with the alleged N466bn looted from the public coffers.
National President, National Youth Council of Nigeria, NYCN, Wale Ajani, described it as unfortunate and portrayed to the international community that the present administration was not serious about the fight against corruption.
Ajani said that there was no justification for any government to allow anybody that had stolen from the nation’s wealth to go scot free, particularly when such despicable acts had aggravated the socio-economic plights of Nigerians.
“It is rather unfortunate to hear that, especially when you consider the fact that the regime brutalised many Nigerians and caused untimely deaths of several Nigerians some of which cases are pending in courts and the children of those killed by the junta can never recover from the trauma,” Ajani said.
On the discontinuation of the suit against Mohammed Abacha, a legal practitioner and activist, Kayode Adaramoye, agreed that the AGF had the powers to discontinue with any case at any point, butdescribed the government’s action as undesirable for Nigeria’s development.
“Let me say that the action of the Federal Government is like patting corruption on the back and proof that the administration is not sincere about the fight against corruption and if you look at it critically, even past governments in the country did not fare better.
“We have several cases of corruption that had been discontinued for no justifiable reasons just as you even have some thieves who should ordinarily be languishing in prison now walking at the corridors of power due to questionable pardon by the state.
“It is rather sad that all these are happening in a country that has the potential to make its people amongst the best catered for in terms of socio-economic well being but ironically have millions of the citizens groaning under the burden of poverty,” Adaramoye added.
Another legal expert and civil activist, Eze Onyekpere, rued the stance of the government, which he said was encouraging corruption with impunity and capable of making Nigerians who ordinarily would want to live a decent life of integrity to also get into the public funds looting game.
Onyekpere, the Lead Director, Centre for Social Justice, expressed serious concern about the trend of looting with impunity in the country, saying that since people knew if they stole and were caught, they could easily get away with the loot as far as they could explore the bargaining plea option or return a paltry sum to government’s coffers.
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