General
US to Return $308m Confiscated Funds to Nigeria
By Adedapo Adesanya
The Governments of Jersey, Nigeria and the United States of America on Monday, February 3, entered into an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria.
The disclosure was made in a joint press release posted on the US embassy website on Tuesday and sighted by Business Post.
In the statement, it was disclosed that the funds were laundered through the US banking system and then held in bank accounts in Jersey under the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former Head of State of Nigeria, General Sani Abacha.
It was also revealed that in 2014, a US Federal Court in Washington DC forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising from Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.
The statement reads, “This case is a result of extensive co-operation between the Jersey authorities, the Money Laundering and Asset Recovery Section of the United States Department of Justice and the Federal Bureau of Investigation, and the Federal Republic of Nigeria, with crucial assistance from other governments around the world.
“At the time the case was filed as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative in 2013, it was the largest U.S. kleptocracy forfeiture action ever commenced. In 2014 the Attorney General of Jersey applied for, and was granted, a Property Restraint Order over the Jersey bank account balance of Doraville.
“This was challenged in the Royal Court of Jersey and Court of Appeal, and an application for permission to appeal to the Privy Council by Doraville was refused. France and the United Kingdom restrained additional funds at U.S. request.”
It was also disclosed that General Abacha and his associates stole and laundered many hundreds of millions of dollars of public money during his military regime, doing vast harm to the futures of his own people. The monies were laundered by his family, including his sons Ibrahim and Mohammed, and a number of close associates.
The laundering operation extended to the United States and European jurisdictions such as the UK, France, Germany, Switzerland, Lichtenstein and Luxembourg.
In 2018, Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced the negotiation of the procedures for the repatriation, transfer, disposition and management of the assets. The tripartite agreement signed this week represents a major watershed in international cooperation in asset recovery and repatriation, and will provide benefit to people throughout Nigeria.
The projects on which the funds will be expended will be administered by the Nigeria Sovereign Investment Authority and independently audited. The Federal Republic of Nigeria will establish a Monitoring Team to oversee the implementation of the projects and to report regularly on progress. The Nigerian government, in consultation with the other Parties, will also engage Civil Society Organisations, who have expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight.
According to Mr Abubakar Malami, the Attorney General of the Federation and Minister of Justice, who signed on behalf of the Nigerian government noted that this agreement has “culminated in a major victory, for Nigeria and other African countries as it recognizes that crime does not pay and that it is important for the international community to seek for ways to support sustainable development through the recovery and repatriation of stolen assets.
He noted further that “without the commitment of the three parties to the Agreement (Nigeria, Jersey and the United States) and that of the legal experts and Attorneys representing Nigeria, it would have been impossible to achieve the success recorded today.
“As you are aware, the government of Nigeria has committed that the assets will support and assist in expediting the construction of the three major infrastructure projects across Nigeria – namely Lagos – Ibadan expressway, Abuja – Kano express way and the second Niger bridge.
“These projects currently been executed under the supervision of the Nigeria Sovereign Investment Authority (NSIA) as a public private partnership (PPP) will boost economic growth and help alleviate poverty by connecting people and supply chains from the East to the West and to the Northern part of Nigeria, a vast area covering several kilometers with millions of the country’s population set to benefit from the road infrastructures.“
He urged for greater cooperation and mutual respect amongst countries in the implementation of expeditious cooperation measures already set out in the United Nations Convention Against Corruption and in the implementation of the GFAR principles on the repatriation of stolen assets.
He called for civil society organizations and the Nigerian public to be involved in the monitoring of the implementation of the key infrastructure projects that will greatly enhance road transportation in Nigeria.
On his part, the Solicitor General and Attorney General designate of Jersey, Mark Temple QC, who signed the Agreement on behalf of Jersey, commented:
“This Agreement represents the culmination of two decades of intensive work by Law Officers in Jersey, the United States and Nigeria. The return of the assets to Nigeria had been delayed by a number of hard-fought challenges by third parties which were defeated in the Courts in Jersey and the United States.
“The Agreement establishes a framework based on fruitful co-operation, trust and respect so that the forfeited funds can be repatriated to benefit the people of Nigeria, from whom they had been taken. The use of the funds will be subject to monitoring and reporting obligations.
“This is a very significant achievement, and, once again, demonstrates Jersey’s commitment to tackling international financial crime and money laundering.” He added.
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) has amplified the call made by the Socio-Economic Rights and Accountability Project (SERAP) for the Nigerian National Petroleum Company (NNPC) Limited to account for an alleged missing N825 billion and $2.5 billion oil money.
Over the weekend, SERAP called on the government-owned commercial company to give an account of the funds believed to be missing.
This demand for accountability has been re-echoed by the umbrella body of all registered political parties and political associations in Nigeria.
The group had “consistently called for the probe of the NNPC and its officials, citing widespread corruption, mismanagement, and lack of transparency in the oil industry.”
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the CNPP said, “Sometime in 1999, the CNPP first raised concerns about the opaque nature of NNPC’s operations, calling for a comprehensive audit of the corporation’s finances.
“Our demands were met with resistance from the government, but we persisted, knowing that transparency and accountability are essential for good governance and the survival of our democracy.”
“Over the years, the CNPP has continued to push for reforms in the oil industry, calling for the sack of successive NNPC management teams, including the current Mele Kyari-led team. We have also demanded the prosecution of NNPC officials implicated in corruption scandals, but our calls have fallen on deaf ears.
“Despite the incorporation of NNPC as a commercial company under the President Muhammadu Buhari administration, the CNPP has maintained that this move was merely a smokescreen to perpetuate corruption. We insisted that the same management team remained in place and that the incorporation was an incorporation of corruption.
“The CNPP’s demands for accountability and transparency in NNPC Limited are therefore not new. We have been consistent in our calls for an independent forensic audit of NNPC Limited since 1999. We believe that it is in the best interests of the Nigerian people for NNPC Limited to open its accounts for a thorough audit, and all unremitted revenues traced, recovered and remitted to the Federation accounts.
“For us, the recent demand by the Socio-Economic Rights and Accountability Project (SERAP) for NNPC Limited to account for the alleged missing N825 billion and $2.5 billion is a welcome development. The CNPP wholeheartedly supports SERAP’s demand and calls on NNPC Limited to meet the demands without delay.
“We urge the Federal Government to take immediate action to address the allegations of corruption and mismanagement in NNPC Limited. The time for transparency and accountability is now, and we will continue to push for reforms in the oil industry until Nigerians can reap the benefits of their country’s rich natural resources.
“The CNPP warns that Nigerians will continue to suffer hardships until NNPC Limited begins to operate transparently and remit all revenues to the Federation accounts, thereby ending the yearly borrowings to finance Nigerian budgets, which have worsened since 2015.
“We call on all Nigerians to join other civil society bodies and concerned groups in demanding accountability and transparency in NNPC Limited. Together, we can push for reforms and ensure that our country’s natural resources are used for the benefit of all, not just a privileged few,” the statement said.
By Modupe Gbadeyanka
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has been urged to extend the deadline for the payment of Certificates of Occupancy (C of O) by property owners in Abuja.
This plea for an extension was asked by the Conference of Nigeria Political Parties (CNPP) through a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.
The group said the initial two-week grace period given to the affected allottees, which expired on Friday, January 3, 2025, was insufficient, considering the current economic challenges facing the country.
Recall that after public outcries, Mr Wike, who is the immediate past governor of Rivers State, granted an extension to the owners of the 762 revoked plots of land in Maitama, Abuja.
“We are appealing to the Minister and the Federal Capital Territory Administration (FCTA) to tamper justice with mercy and issue an extension in the spirit of the yuletide and in view of the economic challenges in the country,” the association stated.
It stressed that the extension would give the affected individuals and groups ample time to comply with the directive, thereby avoiding any undue hardship or loss.
“We pray that the Minister and the FCTA will grant the allottees an extension to comply with the directive, giving all the affected individuals and groups enough time to have themselves to blame at the end of the final extension,” the statement added.
The CNPP’s appeal comes on the heels of its recent expression of concern over the escalating hunger and suffering faced by millions of Nigerians due to the economic realities in the country.
By Adedapo Adesanya
The All Farmers Association of Nigeria (AFAN) has dissociated itself from an unofficial viral statement by one of it members, regarding posters indicating activities of the organisation.
The group dissociated itself from the member in a statement signed by its National President and the National Secretary, Mr Kabiru Ibrahim, and Mr Yunusa Halidu, respectively.
“This post is made by an authorized member, Ado A Ado Kano.
“The opinions and views expressed here are those of the author and do not reflect the official policy or position of the group, its administrators, or other members.
“For official statements, please refer to AFAN official contact or platform,” parts of the statement made available to Business Post stated.
According to AFAN, the unofficial posters flying around doesn’t represent the association, noting that Mr Kano is not authorized by AFAN or its officials but those of the author.
AFAN is the umbrella organisation for all farmers’ commodity associations in Nigeria.
Its vision and mission are to assemble all Nigerian producers into one organization, providing a single interlocutor for the government to address agricultural issues with the farming community.
AFAN was formed by the merger of the All-Farmers Association of Nigeria (ALFA) and the National Farmers’ Association of Nigeria (NAFAN). The merger was recommended by former Nigerian president, Mr Olusegun Obasanjo.
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