Bankers, Govt Officials Colluding to Re-loot Recovered Abacha’s Fund-  EFCC

Economic and Financial Crimes Commission (EFCC) has alleged collusion between commercial banks and government officials to re-loot recovered funds from Sani Abacha, late dictator.

The $322 million Abacha loot, recovered in December 2017 and earmarked for Conditional Cash Transfer under the Social Investment Programme, was intended to provide monthly stipends to vulnerable Nigerians.

However, Dele Oyewale, spokesperson for the EFCC, disclosed that investigations have uncovered financial malpractices involving COVID-19 funds and World Bank-assisted loans coordinated by the Humanitarian Ministry. Several interdicted and suspended officials of the ministry have been linked to the alleged malfeasance, with N32.7 billion and $445,000 recovered from them.

Managing directors of implicated banks have provided statements, and investigations are ongoing, with former minister Sadiya Umar-Farouq and her successor, Beta Edu, summoned for questioning.

The EFCC stressed that the probe targets a systemic issue rather than individuals, signaling a crackdown on corruption within Nigeria’s financial sector and government agencies.