Federal government will next week receive $227 million from the government of the Principality of Liechtenstein, part of looted funds recovered from the Abacha family.
To ensure proper utilisation of the funds, President Goodluck Jonathan is constituting an inter-ministerial committee to identify the best projects and programmes in which to invest the funds.
Also, the president has directed that part of the funds be saved in the Future Generations Fund, one of the funds managed by the Nigerian Sovereign Investment Authority (NSIA) to help secure the economic future of both Nigerian youths and unborn Nigerians.
In a statement, Mr. Paul Nwabuikwu, special adviser to the Minister of Finance, said in line with the agreement reached with the Principality of Liechtenstein, the World Bank would assist in monitoring the utilisation of the funds in specific projects.
“The return of the funds is the culmination of a robust 16-year effort by the Federal Government of Nigeria to retrieve the funds.
“Working under the leadership of President Jonathan, the Attorney General of the Federation, Mr. Mohammad Adoke led the effort with the support from the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala and the National Security Adviser, Colonel Sambo Dasuki (retd),” he said.
According to the statement, the return of the funds was delayed by a suit instituted at the European Court of Human Rights (ECHR) by companies owned by the Abachas alleging infringement of their rights to a fair trial and to peaceful enjoyment of their possessions. As a result, the Principality of Liechtenstein could not proceed with the return of the funds.
Also, to demonstrate the commitment of the Federal Government to retrieving the funds, the Attorney-General of the Federation filed a suit against Mr. Mohammed Abacha at an Abuja High Court.
As part of the negotiations to expedite the recovery of the funds, the Abachas agreed to discontinue their suit before the ECHR and the Federal Government equally subsequently withdrew the case against the Abachas, thus paving the way for the release of the looted funds by Liechtenstein.