Economy

I Don’t Have Exact Record of Funds Stolen by Abacha – Malami

Published

6 years ago

March 16, 2020

Eric

The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), has said he has no record of the amount of money stolen by the late military dictator, Gen. Sani Abacha.

The AGF added that he wouldn’t also know about $5bn Abacha loot allegedly recovered between 1999 and 2015 and how the money was spent.

Malami said this in response to a Freedom of Information request sent to his office by the Socio-Economic Rights and Accountability Project, demanding accountability on recovered $5bn Abacha loot.

SERAP had asked the Federal Government to make known to Nigerians “details of projects executed with the Abacha loot and their locations; details of companies and contractors involved in the execution of any such projects; details of all the agreements on the loot, the roles played by the World Bank and other actors, as well as the implementation status of all projects since 1999.”

In a statement on Sunday, SERAP’s Deputy Director, Kolawole Oludare, said the AGF had responded to the group’s request via a February 26 letter.

Oludare quoted Malami to have said, “We have searched our records and the information on the exact amount of public funds stolen by Abacha and how recovered loot was spent from 1999 to 2015 is not held by the ministry.”

The AGF stressed that he was not in possession of “records of the exact amount of public funds stolen by a former military head of state, Sani Abacha, and no records of the spending of about $5bn recovered loot for the period between 1999 and 2015.

“However, a total of $322m was recovered from Switzerland in January 2018 and the funds were used for the Social Investment Project. Also, $308m was recovered from the Island of Jersey in collaboration with the USA. While awaiting the transfer of the money to Nigeria, it has been designated for the following projects: Lagos-Ibadan Expressway; Abuja-Kano Expressway, and the Second Niger Bridge.”

But Oludare said SERAP was dissatisfied with the AGF’s response.

Oluwadare said, “The failure to provide information on the exact amount stolen by Abacha and on spending of recovered loot for the period between 1999 and 2015 implicitly amounts to a refusal by the government.

“The government also failed to provide sufficient details on the spending and planned spending of the $630m it said it recovered since 2018.

“In the circumstances and given that Mrs Zainab Ahmed has failed and/or refused to respond to our FoI request, we are finalising the papers for legal actions under the FoI Act to compel the government of President Muhammadu Buhari to fully and effectively comply with our requests.”

SERAP recalled that “a special panel set up on July 23, 1998 by the former head of state, General Abdulsalami Abubakar, to probe the late military dictator General Sani Abacha stated that he stole over $5bn between 1993 and 1998 when he was in power. Much of the stolen public funds have been returned to Nigeria.

“The report by the panel shows that the government recovered some $635m, £75m, DM 30m and N9bn as well as several vehicles and properties in Abuja, Lagos and Kano together with 40 per cent interests in West African Refinery in Sierra Leone. Other assets were recovered from the Abacha family and associates.

“Furthermore, former President Olusegun Obasanjo’s administration also reportedly recovered over $2bn of Abacha loot. Mr Obasanjo would seem to confirm this fact when he stated in the second volume of his book titled My Watch that: ‘by the time I left office in May 2007, over $2bn and £100m had been recovered from the Abacha family abroad, and N10bn in cash and properties locally.’

“Similarly, former President Goodluck Jonathan’s administration reportedly recovered $226.3m and €7.5m from Liechtenstein. Some £22.5m was also recovered from the Island of Jersey while $322m and £5.5m from the Abacha loot were reportedly returned to the government.

“The government of President Muhammadu Buhari has also recovered several millions of dollars of Abacha loot since assuming office in May 2015, including $321m from Switzerland, and $300m from the US and Jersey.”

The Punch

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

2 days ago

December 3, 2025

Eric

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

The development is a major shift from tighter cash policy measures introduced under the previous administration.

In December 2022, the central bank, under Godwin Emefiele, its former governor, had directed deposit money banks and other financial institutions to limit over-the-counter cash withdrawals by individuals and corporate entities per week N100,000 and N500, 000, respectively.

The CBN’s latest policy reversal, also removed the cumulative deposit limit, saying the fee on excess deposit “shall no longer apply”.

According to the regulator, the policies form part of efforts to moderate the rising cost of cash management, address security concerns, and “reduce the potential for money laundering associated with the economy’s heavy reliance on cash”.

The bank said the policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

However, with the “effluxion of time”, the apex bank said the need has arisen to streamline the policies’ provisions to reflect present-day realities.

“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” the circular reads.

“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.

“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.

“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly. As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”

According to the circular, signed by Rita Sike, CBN’s director of financial policy and regulation department, said all currency denominations “may be loaded in ATMs”.

However, the CBN retained the limit on over-the-counter encashment of third-party cheques at N100,000.

“Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in ‘2’ above”.

“Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

“a . Returns on cash withdrawal transactions above the specified limit;

“b. Returns on Cash Deposits

“Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

“i. Revenue generating accounts of federal, state, and local governments; and

ii. Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

The CBN also said the exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies “shall no longer apply”.

Economy

CBN Retains Interest Rate at 27%

Published

1 week ago

November 25, 2025

Eric

The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.

Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.

The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.

It also marks the fourth consecutive hold this year.

The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.

The Punch

Economy

FG Stops Proposed 15% Import Duty on Diesel, Petrol

Published

3 weeks ago

November 13, 2025

Eric

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.

NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.

President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Implementation was slated to take effect on November 21, 2025.

The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.

While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.

Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.

Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.