Stolen funds laundered abroad have been a subject of roving concern in Nigeria. It is apparent the value of public funds stolen and laundered, as have been shown so far reflects how the Country have been largely debilitated by corruption. On Tuesday, 23rd August, 2022, it was disclosed the Federal Government, again signed a fresh agreement with the Government of the United States of America (USA) for the repatriation of a total sum of $23,439,724 that was looted by the late former military Head of State, General Sani Abacha. At the ceremonial signing of the asset return agreement which had in attendance the US Ambassador to Nigeria, Mary Beth Leonard held at the Federal Ministry of Justice Headquarters in Abuja, the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, representing the Federal Government said the decision to return the stolen loot which he tagged ‘Abacha-5’, was a product of series of negotiations and meetings between Nigeria, the US Department of Justice and the UK National Crime Agency (NCA). According to him, the funds would be channeled into infrastructure. “It is worthy to note that in line with the terms of this Agreement, Mr. President had already approved the funds to be utilised for the ongoing Presidential Development Infrastructural Funds (PIDF) projects namely; Abuja-Kano Road, Lagos-Ibadan Express Way and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA). The President’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organisation to complete these three projects within the agreed timeline,” he was quoted.
The records of laundering, among other forms of corruption devices, have been too expansive that the Country has suffered losses that have posed apparently irredeemable fractures. Up till now, unaccountable funds laundered abroad into foreign accounts remain unending in the effort to recover them. Several of these funds, unknown and untraceable, dwell in the limbo while struggles to recuperate the identified ones remain embedded with strings of conditions, some of which are entangled with bottlenecks.
The rigmarole of recuperating these funds nonetheless, more subjects of concern come to bear, particularly on how recuperated funds are utilised, since it remains indisputable that certain funds laundered have come to light with enough information to secure their recovery, be it those laundered abroud or those domestically laundered through dubious devices, but which tracking operations have revealed concrete evidence to guarantee and enforce their recovery.
The Federal Government had on Thursday, 11th August, 2022, had said it had recovered over N3.2billion (£6,324,627.66) of stolen funds from various jurisdictions globally from March 2021 to May 2022. The AGF disclosing this when he featured on the weekly ministerial briefing organised by the Presidential Communications Team, at the State House, Abuja, had said that the government generated a total of N1.82 billion from the sale of bid forms and actual sale of forfeited properties in the first 18 months of the Buhari-led regime. He had also mentioned that an inter-ministerial committee on the audit and recovery of back years on stamp duty has so far recovered over N596million (N596,055,479.47).
While the disclosures of recovered funds are good reports, the thrust for accountability demands for more inquiries. Although the AGF had mentioned that the recovered foreign loots have since been disbursed into key infrastructure projects nationwide which include the Second Niger Bridge, Abuja-Kano Road and the Lagos-Ibadan expressway among others, the need for impact assessment for more detailed report is pertinent to give the reckoning frame of accountability more sense of the thrust of qualitative definition with the force of responsibility.
Nigeria increasingly has been woefully waned by the blows of corruption. The shrieking of its impacts have left perception of reproach on the Country. The profile of such stench on her internationally is gradually demeaning her status, substituting for the once glamorous accordance of repute with deforming attribution of spite.
The significance of accountability as it touches on the repatriated funds is a subject of critical concern. It is indisputable that the whole essence of the recoveries would be defeated if the utilisation of the funds is ridden with mismanagement and cloudy dispensation. While the Government of the present administration has continued to disclose recoveries of laundered fund, with mention of the funds been channelled to infrastructure projects in the Country, the need for vivid details for firm accountability is pertinent. Such well detailed breakdown to reflect impact-relevance is pertinent to give the force of openness and accountability the thrust of significance, needed to give expression to the essence of the recoveries. Such is pertinent towards building integrity framework to further facilitate and vitalise the recovery-negotiation processes for other funds clustered with bottlenecks.