Nothing To Show For Recovered Abacha Loot – CACOL

May 6, 2020

The Centre for Anti-Corruption and Open Leadership, CACOL, has reacted to the $311.7 million Abacha loot recovered from the United States of America.

CACOL stated that all the tranches of Abacha loot recovered in the past years have not been used to change the lives of Nigerians.

CACOL Chairman, Debo Adeniran, said: “As at the last count, over USD3bn (Three Billion American Dollars) have been repatriated from various countries that include: Switzerland, UK, etc..

“Nothing tangible could be said to have happened to the people of this country even with all the looted funds being recovered or repatriated from both within and outside the country since the advent of the civil rule and under the current dispensation.”

CACOL lamented that an average Nigerian lives below $2 and that the country still runs a mono-cultural economy with the price of oil nose-diving.

“This is more hearty-rending as the annual Gross Domestic Product growth rate of the country remains at barely 2.5 percent.

“The level of relooting of such repatriated funds became so worrisome and a cause for regrets that the U.S. government was reported to have insisted that Nigeria should be ready to ‘replace’ the over $300m it returned if the fund was misused,” it said.

May 6, 2020