OF ACCOUNTABILITY AND RECOVERED LOOTED FUNDS – by Frank Ofili

On Tuesday, 8th March 2016, Vice President Yemi Osinbajo disclosed that Nigeria and Switzerland had signed an agreement described as a “Letter of Intent” on the restitution of illegally-acquired assets forfeited in Switzerland. The agreement specifically covers repatriation of $321 million Abacha loot.

While making the announcement, the Vice President also revealed that the Federal Government is to developed a framework for tracing and repatriating stolen funds. 

He promised further that the government would ensure that the recovered assets would be put to uses for which they have been intended.  There lies the main issue as far as stolen wealth in Nigeria is concerned.

Over the years Nigerians had been inundated with mind-boggling stories of billions of dollars and pounds allegedly stolen by the late General Sani Abacha and his family. It is said that some of these stolen funds have been recovered by successive regimes starting from Abdulsalam Abubakar regime to Olusegun Obasanjo, Umar Musa Yar Adua and Goodluck Jonathan administrations.

What is however not known to Nigerians is exactly how much was alleged to have been stolen by Abacha and his family?  How much has been recovered over the years? How much is remaining to be recovered? What specific uses were the recovered funds meant to be put? And even more important, what has been done so far with the money already recovered?

It is on the strength of these questions that I opine and suggest that the framework to be developed as revealed by the Vice President should not stop at only tracing and repatriating stolen assets; it should include in addition managing the recovered assets.  Specifically it should include the following:

a. A special account known as Repatriated Funds Account (RFA) to be set up for the purpose

b. The names of the repatriates of the stolen fund and how much

c. The purpose for which the repatriated funds is to be used

d. Conditions, if any, for the repatriation of the funds (e.g. is Nigeria sacrificing any part of the fund to be repatriated in terms of administrative costs?)

e. Periodic update/report to the National Assembly on the position of the RFA

f. Periodic updates on the progress of the specific projects undertaken with the repatriated funds

These steps have become necessary because currently, there is a total absence of a framework for managing recovered looted funds. Added to this is the fact that government cannot say with kobo-point accuracy exactly how much has been recovered so far and what specific project or projects have been executed with the money so far recovered. Indeed, no one knows for sure if the recovered funds have not been re-looted, since Nigerians cannot boast of any specific benefit they have derived from the billions that have been recovered so far.

Moreover, a framework incorporating the above suggestions would ensure that even the on-going loot recovery from officials of the immediate past administration is fully accounted for.