World Bank Explains how Nigeria spent Abacha Loot

Socio-Economic Rights and Accountability Project (SERAP) is in possession of over 700 pages of documents containing information on how the recovered assets and loot from the late General Sani Abacha, was spent by the Nigerian government.

SERAP had on September 21, sent an Access to Information request to President of the World Bank, Jim Yong Kim, urging him to release documents relating to the spending of recovered assets stolen by Late General Sani Abacha.
In the documents received from the World Bank, it was revealed that the Abacha loot was spent on roads, electricity, education, health and water.
SERAP executive director Adetokunbo Mumuni, released a statement to this effect on Sunday, November 29, with a summary of what’s contained in the document.
“SERAP can confirm that last week we received several documents from Ann May of the Access to Information Team of the World Bank following our Access to Information Request to the Bank. We also received a letter dated 24 November 2015 from Mr Rachid Benmessaoud, Director of the World Bank in Africa.”
“In total, SERAP has received over 700 pages of documents, which we are now closely studying and scrutinising with a view to discovering whether the documents contain details that Nigerians would like to see and whether the information correspond to the facts on the ground.
After this analysis, we will respond to the Bank and consider our options, including filing an appeal before the Bank’s Access to Information Appeals Board and taking other appropriate legal actions nationally and internationally to discover what exactly happened to Abacha recovered loot,” the organisation said.
“In the meantime our preliminary review of some of the documents and the letter from Mr Rachid Benmessaoud have revealed certain facts which raise more questions about what exactly happened to Abacha loot: First, that Mrs Ngozi Okonjo-Iweala as Minister of Finance in a letter dated 9 January 2005 explained to the Bank that around $500m (N65bn) of Abacha loot received from Switzerland was programmed into and spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria.”
“Second, Mrs Iweala explained to the Bank that N18.60bn was spent on roads; N10.83bn spent on health; N7bn spent on education; N6.20bn spent on water; and N21.70bn spent on electricity. She also said that part of the funds were spent on new and ongoing investment projects. Mrs Iweala said that relevant federal ministries have the full details on the spending of repatriated Abacha loot. The Bank noted that there was no funds monitoring and tracking mechanism in place to trace the spending of Abacha loot.”
“Third, Mr Rachid Benmessaoud confirmed that the World Bank played a monitoring role in a return of assets by Switzerland but that the Bank is not currently involved in the monitoring of spending of Abacha loot that have been returned to Nigeria in recent years. He said that the Bank would be prepared to set up a mechanism to monitor the use of Abacha loot if the Nigerian government request the Bank’s assistance in this respect.”
“Given Mrs Okonjo-Iweala’s involvement in the spending of Abacha loot, SERAP calls on President Muhammadu Buhari to urgently probe the role of the Ministry of Finance and relevant federal ministries at the time in the spending of Abacha loot particularly given the strong allegations of mismanagement that characterised the use of the funds.”
“Although Mrs Okonjo-Iweala said that Abacha loot was spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria, there is no evidence of such projects as millions of Nigerians continue to travel on dead roads, while they continue to lack access to adequate electricity supply, water, health and quality education.Therefore, President Buhari can no longer continue to remain silent on this issue of public interest if Nigerians are to continue to trust him in his fight against corruption.”


YNaija 
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