Business
Abacha Loot: A chance for Nigeria to demonstrate transparency in utilizing recovered assets – CSO warns
Solomon Attah,Lafia
Prior to the plan return of another tranche of $150 million General Sani Abacha loot, two civil society groups, the Transparency International (TI) in France and the Civil Society Legislative Advocacy Centre (CISLAC), said that, the return of the seized fund should be an opportunity for Nigeria Government to demonstrate utmost transparency in the utilization of the recovered assets.
The TI and CISLAC, who are more concern about the appropriate utilization of the funds, said the return of the recovered loot presents Nigeria a chance for existing legal framework that are mutually beneficial to the governments of France and Nigeria.
This was contained in a press statement signed by Auwal Rasfanjani, the Executive Director, CISLAC and Sara Brimbeuf, Head, Illicit Financial Flows Program, Transparency International, France, a copy which was to made available to the Newsmen on Friday, in Keffi, headquarters of Keffi Local Government Area of the state.
The France Minister of Europe and Foreign Affairs, Catherine Collonna, who recently paid President Bola Ahmed Tinubu visit at the State House, Abuja revealed that, France will be returning $150 million from General Sani Abacha loot and the seized funds will be returned in a form of grant.
According to Collonna, discussion will soon be open between the governments of the two countries on the areas to invest the funds.
The TI and CISLAC, in the statement urged Nigeria and France to do all it takes to ensure that the $150 million set to be returned by France is not misappropriated on the excuse of financing road infrastructure projects that previous returned looted funds have been earmarked to finance.
“As other returned funds confiscated in third countries have financed these same road infrastructures, several NGOs have warned of the risk of double financing and misappropriation of funds,” they warned.
According to the duo, France announced the upcoming return to Nigeria of the looted $150 million on November 3, 2023 through it’s Ministry of Foreign Affairs and also recently at the 10th Conference of the State Parties (CoSP) to the United Nations Convention against Corruption (UNCAC) at the United States of America (USA).
They also urged Nigeria and France to uphold Asset Recovery laws ahead of the return of the $150 million loot, so as to ensure transparency and accountability in the management and utilization of the funds.
“The upcoming restitution of US$150 million presents an excellent chance for France and Nigeria to implement the legal frameworks existing in their respective countries to ensure that the return process is transparent and accountable and includes civil society organisations.
“This is a chance for France to establish itself as a model for other destination countries wishing to return stolen assets and a chance for Nigeria to demonstrate that it is willing to be transparent about its management and utilisation of recovered assets,” they added.
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.