MONITORING REPORT OF THE UTILIZATION OF THE RECOVERED ABACHA FUNDS IN THE AUGUST SEPTEMBER 2018 PAYMENT

SHARE THIS POST

Executive summary

Corruption is a problem that hinders the development of Nations. In 2018 the global loss to corruption was estimated at US$ 3.6 trillion annually and $140 billion is reported to be stolen annually from Africa with Nigeria reported to have lost $40 billion in 2001-2010 (Africa Union/ECW Conference (2015). According to World Bank President, Jim Yong Kim, corruption is ‘public enemy no.1’ in the developing world, and ‘every dollar that a corrupt official or corrupt business person puts in his or her pockets is a dollar stolen from a pregnant woman who needs healthcare, or from a girl or boy who deserves an education, or from communities that need water, roads and schools” (Oginni, 2018) corruption is ‘public enemy no.1’ in the developing world, and ‘every dollar that a corrupt official or corrupt business person puts in his or her pockets is a dollar stolen from a pregnant woman who needs healthcare, or from a girl or boy who deserves an education, or from communities that need water, roads and schools” (Oginni, 2018)

ANEEJ Executive Director, Rev. David Ugolor on field monitoring of the distribution of the Abacha Loot to the poor in Nasarawa State

In recognition of the significance of corruption on development, the 2015 Sustainable development Goals (SDG) identifies the need for the prevention of illicit financial flows and the recovery of stolen assets as essential for development (UN, 2015)[. The SDG further recommends that funds recovered in asset recovery interventions is invested in social safety net programmes in the country of origin (UN, 2015).

Group photograph of Beneficiaries of the Abacha Loot distribution in Kano State
Field monitoring in Idua inwang, Ward 3, Bakassi LGA, Cross-River State.

Nigeria has had successes in asset recovery efforts with the successful repatriation of $505.5 million of the Abacha loot from Switzerland to Nigeria in 2005 and 2006 (World Bank ,Federal Minstry Of Finance, December 2006).The Swiss authorities also returned $322.5 Million dollars of the Abacha Loot to Nigeria in 2017. In 2005 the Swiss MOU with Nigeria mandated  recovered assets was to be spent on MDG based interventions and this was spent on 5 sectors (Health, Education, Water, Electricity and Roads) and this was monitored by CSOs in Nigeria led by ANEEJ  under the auspices of the World Bank and the Federal ministry of Finance. (World Bank ,Federal Minstry Of Finance, December 2006). In 2017, the MOU specified the funds should be spent on the poor through social safety net programmes and monitored by Civil Society Groups and the World Bank.


Field monitoring of the Abacha Loot distribution to the poor of the poorest in Kano State

Click link below for detailed report:

http://www.aneej.org/wp-content/uploads/2019/05/MANTRA-Quarterly-Field-Report-1.pdf

SHARE THIS POST