Buhari explains how he will spend $320m Abacha’s Loot


President Muhammadu Buhari has cleared the air on what he intends to do with the recovered $320 million stolen funds by late military dictator, Sani Abacha.

The government on Monday in Abuja announced that $320 million stolen funds would be spent on the Conditional Cash Transfer scheme of the administration to support the poor.

Declaring open the 8th Commonwealth Conference of Anti-Corruption Agencies in Africa, Buhari, represented by Vice President Yemi Osinbajo, said it is one condition given by the Switzerland authorities for the repatriation of the funds.

Buhari said that The Global Forum on Asset Recovery (GFAR) after its inaugural meeting in Washington, DC, in December 2017, had facilitated efforts toward asset recovery and return.

“The GFAR saw the signing of a Memorandum of Understanding between Nigeria and the Government of Switzerland for the return of an additional $320 million of the Sani Abacha loot.

“Included in that agreement is the commitment that the funds would be invested in one of the Nigeria’s flagship social investment programmes, the Conditional Cash Transfer scheme targeted at the poorest and most vulnerable households in our country.’’

The president declared that corruption continues to be one of the greatest challenges in the continent and called for international collaboration to stem the “scourge”.

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