Abacha and the stolen billions....

Author: Eyiaro Adedayo

General Sanni Abacha came into the Nigerian political scene in 1993 after sacking the interim government of Earnest Shonekan established by General Ibrahim B. Babangida. Abacha's administration derided the country in international system as Nigeria was made to suffer many sanctions and Nigeria became a pariah state in the international political system. As if that was not enough, his administration proved to be the most  corrupt and extremest of all the hiterto military leaders. His administration was full of human right violations like the killing of Ken Saro Wiwa and other 5 Ogoni members. 

General Sanni Abacha before his sudden death in 1998 made sure that he sucked the economy of Nigeria of its entire savor by stealing billions of dollars and starching it in foreign banks that till now, it is still difficult to trace most of the money. Billions of dollars was siphoned overseas and the country was left in shambles. The figures of the Abacha’s loots leaves one’s mouth abashed which includes but not limited to the $723 million which the Switzerland government claimed to have returned to Nigeria over the last 10 years excluding the $321 million which the Swiss government plans to repatriate to the Nigerian government and the World Bank stating that Abacha’s loot is too huge to handle. It is quite evident that this is daylight robbery on the Nigerian state by one man.

It is quite evident that Nigeria has never recovered from the outright looting and inept economic mismanagement of the Abacha's regime and though, billions of Naira has been recovered by the Federal government, it is still very difficult to comprehend in monetary terms the exact amount the country has lost to corruption and burglar.

There can be no extravagance to deduce that the case of Gen Abacha and other political figures like him have made the Nigerian economy remained nothing but the shadows of its former or potential glory. According to prof. Sagay, Nigeria presently stands to lose 550 million dollars recovered from Abacha family to the U.S. According to him, the amount is different from the 480 million dollars forfeited to the U.S. following a court judgment in August 2014. He further disclosed that the conditions for repatriation given by the countries in which some of the nation’s stolen money was hidden contradicted the earlier promises made by them. He added: “Out of the Abacha loot for instance, Switzerland seized over 505.5 million dollars between 2004 and 2006.

The unending recovery of Abacha’s looted funds also prompted the question as to whether the government could only recover stolen money from the late leader simply because he died and could no longer cover his tracks. Nigerians are wondering whether it was only Abacha who looted the treasury as a leader and why Switzerland and other destinations of looted funds in the world have refused to repatriate funds stolen by those of the late leader’s ilk who are still alive.