Federal Government Releases $311 Million Abacha Loot To Nigeria Sovereign Investment Authority

The Federal Government has released the $311 million Abacha loot to the Nigeria Sovereign Investment Authority (NSIA) to fund its activities.

KanyiDaily recalls that two momths ago, the sum of $311.7 million (N118bn) looted by late Gen Sani Abacha, was returned to Nigeria from the United States.

During a virtual meeting with the press to discuss the 2019 financial statement, the Managing Director of NSIA, Mr. Uche Orji disclosed that “the federal government has transmitted the $311 million Abacha loot to the NSIA.”

Mr Orji stated that the money is domiciled in cash with the Central Bank of Nigeria (CBN) in a special account.

Orji said the NSIA “hopes to start using the money in the third quarter of the 2020” on some critical infrastructure projects like the Second Niger Bridge, Lagos-Ibadan Expressway, among others.

The NSIA boss, who was happy at the release of the Abacha loot to the NSIA, said the money would go a long way in funding some of its projects more so as the release of the money had now ensured that the NSIA would not go to the market to raise as much money as it had earlier wanted to raise.

With regards to the performance of the NSIA in 2019, the NSIA recorded a five per cent growth in total assets from N617.7billion in 2018 to N649.84billion as of the end of 2019. It also recorded a profit after tax of N34.46billion for the 2019 financial period.

The figures are contained in the 2019 audited financial statement of the agency (NSIA) which was released on Friday in Abuja.

KanyiDaily recalls that the President Muhammadu Buhari-led administration had claimed it spent the previous recovered Abacha’s looted funds on lifting poor Nigerians out of poverty.