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

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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

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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