News
Liechtenstein Refuses to Return Abacha’s N40Bn Loot
Some N40billion allegedly stolen by General Sani Abacha, former Nigeria’s maximum ruler is trapped in Liechtenstein, a doubly landlocked alpine country in Central Europe, which has employed all manner of tactics not to repatriate the loot.
Ngozi Okonjo-Iweala, finance minister, said that Nigeria has been fighting to recover the money for years, but companies linked to the Abacha family keep going to court to prevent the funds being repatriated.
Abacha was a former military dictator, who died 14 years ago,
Okonjo-Iweala was quoted as saying that, “We feel that the Liechtenstein people have been stalling for 14 years. They are just looking for excuses and I think this is where international civil society should mount pressure on these people…The authorities are holding things back.”
However, a Liechtenstein government spokesman said that the country was making efforts to return the money but a complaint in the European Court of Human Rights brought by companies affected was still pending.
According to Transparency International, Abacha looted between $3 billion (about N480billion) and $5 billion (about N800billion) of public funds during his five-year reign from 1993-1998.
A Liechtenstein court ordered the Abacha money confiscated in 2012, but companies linked to his family have mounted a challenge in the European Court of Human Rights and Liechtenstein fears being liable for the money should they win.
“We’re asking: why have they been keeping our money all this time? Fronting companies for Abacha family are trying to delay things and Liechtenstein is hiding behind that,” Okonjo-Iweala said. “Somebody’s making money off it.”
The Liechtenstein spokesman said one of the reasons the cases have dragged on for so long is that Nigeria refused the examination of witnesses in its courts as part of the procedure.
Liechtenstein, like neighbour Switzerland, is seen as an attractive destination for wealth, partly because banking secrecy laws can help keep it away from prying eyes.
Nigeria has so far recovered around $1.3 billion (about N208billion) of Abacha’s money from various European jurisdictions – more than a third of it from Switzerland.
“Switzerland has actually been quite good. They returned $500 million (about N80billion). But there’s still money lying in other parts of Europe,” Okonjo-Iweala said.
Other places where Abacha held money include France, Britain and offshore centers in the British Isles like Jersey.
Nigeria has appointed World Bank consultants to oversee the money and ensure it is properly spent, Okonjo-Iweala said.
The Liechtenstein spokesman said that despite the court case, authorities were “looking at the possibility of returning money ahead of schedule whilst still covering liability risks.”
The role of Western banks in aiding African corruption was highlighted during the trial of James Ibori, ex-governor of Nigeria’s oil-producing Delta State last year.
Ibori and his mistress were convicted in a trial that showed they had laundered millions of pounds /dollars through accounts they held at several British banks.
Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.
He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.
Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.
Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.
“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”
However, Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.
Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
PalmPay, Nigeria’s leading fintech company, has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app.
According to a joint statement by PalmPay and Globacom, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will be eligible to win prizes, including the iPhone 15 Pro, Infinix Hot 40, and other exciting items”.
To participate, interested customers can log onto http://bit.ly/PalmPaySms .
The statement added that all transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes.
Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.
Wayne Ruppel, Head of Billers at PalmPay Limited expressed excitement about the partnership, stating that, “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers.
Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.
Globacom also expressed delight at creating additional value for its subscribers through unique customer-appreciation schemes.
“Our partnership with PalmPay on the “Recharge and Win Bonanza perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”, the company stated.
PalmPay and Glo will collaborate throughout the campaign period to deliver exceptional customer experience, reward loyalty, and reinforce their shared mission to make digital transactions more accessible, rewarding, and secure for millions of Nigerians.
News
UK Reaffirms 99% Duty-Free Access for Nigerian Exports Under Developing Countries Trading Scheme
United Kingdom has reiterated its long-term commitment to strengthening economic ties with Nigeria, confirming that 99% of Nigerian goods will continue to enjoy duty-free access to the UK market under the Developing Countries Trading Scheme (DCTS).
Dr. Richard Montgomery, British High Commissioner to Nigeria
The announcement reinforces the UK’s intention to bolster sustainable trade with Nigeria, boost export competitiveness, and promote inclusive economic growth across both nations. Introduced in June 2023, the DCTS is designed to reduce tariffs and simplify export rules for developing economies. It currently benefits 37 African countries, with Nigeria being a key player.
Nigerian exporters are set to gain substantial advantages from the scheme, which allows over 3,000 products—ranging from cocoa, plantain, and shrimp to processed items like cocoa paste, palm oil, and cotton garments—to enter the UK duty-free or with reduced tariffs. This shift supports value addition in Nigeria’s export ecosystem, encouraging the move from raw to processed exports.
British High Commissioner to Nigeria, Dr. Richard Montgomery, said: > “Nigeria stands at the heart of the UK’s global trade ambitions. This isn’t just about improved market access—it’s about building a fairer, freer global trading system that supports economic growth and job creation, both in developing countries and in the UK.”
He further noted that through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the UK continues to work closely with the Federal Ministry of Industry, Trade and Investment (FMITI) to tackle export challenges and maximise opportunities under the scheme.
The DCTS aligns with broader UK efforts to expand trade relations across the globe, complementing recent agreements with nations such as India and the United States.
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