The existence of the assets was revealed by Finance Minister, Ngozi Okonjo-Iweala, in February this year. She revealed that the money of the deceased military ruler had been recovered from Switzerland.
The funds were used for some rural development projects, but the specific details have never been revealed by her.
On March 6, 2014, the United States Department of Justice announced freezing of Abacha's assets in various accounts in the U.S. and across the globe.
On March 26, 2014, the Minister of Justice, Mohammed Adoke, praised Washington's action, urged to initiate the return of the loot back to Nigeria.
How was it possible to steal such a huge amount?
The abstract below, based on information from the United States Department in the District and Bankruptcy Courts for the District of Columbia, quoted by the Nation Newspaper and Preimum times, gives a comprehensive detail. The roles of the CBN, the Union Bank and the now-defunct Inland Bank are indicated:
"After causing the CBN to release the funds, often in cash, Gen. Abacha and Bagudu then moved the funds overseas, including through US financial institutions (the Security Votes Fraud).
"Over 60 false security votes letters were addressed to and endorsed by Gen. Abacha, each of which resulted in the withdrawal of Nigeria's public funds from the CBN.
"Subsequently, the funds were deposited into accounts controlled by, or used to purchase assets for the benefit of, Gen. Abacha, Bagudu or other members of the conspiracy.
"The conspirators transported the proceeds of the Security Votes Fraud out of Nigeria to accounts in Europe that were under the conspirators' private control, including the Rayville and Standard Alliance accounts at Banque SBA, the Eagle Alliance and Mecosta accounts at ANZ (London) and the Mecosta account at Standard Bank as described below.
"The CBN staff and other individuals known and unknown to the United States generally would deliver the currency stolen with the security votes letters to Gwarzo at his residence.
"Gwarzo and others acting at his discretion would repackage the currency in secure bags and then deliver it to Gen. Abacha at his residence in Abuja, Nigeria.
"Gen. Abacha or those acting at his direction, delivered more than $700 million of these funds to Mohammed Abacha in bags or boxes full of cash.
"Mohammed Abacha gave the cash he received to Bagudu, who later arranged for the money to be transferred to accounts controlled by Bagudu and Mohammed Abacha in foreign countries.
"Transfers included deposits into accounts in the name of defendants Mecosta, Doraville, Standard Alliance, and Rayville, as well as Eagle Alliance and Harbour Engineering.
"In order to move the money overseas, Bagudu deposited the cash proceeds of the Security Votes Fraud into at least one of two Nigerian commercial banks, Union Bank of Nigeria and/ or Inland Bank of Nigeria.
"Bagudu and/or Mohammed Abacha then instructed Union Bank or Inland Bank to transfer the stolen funds to other accounts under Bagudu or Mohammed Abacha's control, such as accounts in the name of Mecosta, Rayville and Eagle Alliance.
"Inland Bank or Union Bank made the necessary arrangements to transfer the money overseas. The funds were transferred from Union Bank or Inland Bank back to the CBN to an account held by Union Bank or Inland Bank at the CBN.
"The CBN then transferred the funds from the account of Union Bank or Inland Bank to their respective overseas domiciliary accounts held at banks in either London or New York.
"The specific London or New York account varied depending on which Nigerian commercial bank had been used in the first instance.
"Through these "cash swaps," at least $137million was transported into and out of the United States, and into accounts held in the name of the defendant corporations."
It would be noted that the stolen capital was described as the "largest kleptocracy forfeiture action" the U.S. department has ever dealt with.
Ironically, the Federal Government honoured Gen. Abacha, posthumously, with a centenary award for being an "Outstanding Promoter of Unity, Patriotism and National Development".
No comments:
Post a Comment