Abacha Loot: Pls Stop Sharing $322m among the poor but invest in Ajaokuta Steel’s Revival

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Dear President Buhari,

It's no secret that the Federal Government of Nigeria shall being the sharing of $322m recovered Abacha loot amongst 302,000 poor homes across 19 states this July. The rationale behind this is to alleviate poverty in Nigeria as agreed with the Swiss government and to be supervised by the World Bank. 

As patriotic citizens greatly concerned about the state of our nation, we the undersigned oppose this action and would like to draw our President’s attention to the following facts: 

History of the Abacha Loot:

The famous Abacha Loot was stolen mainly from the Ajaokuta Steel fraudulent Debt Buy-Back in 1996 where $2.5 fleeced out of Nigeria’s treasury in the guise of settling the Ajaokuta’s construction debt with the Russians; but in reality, only $500m was paid while $2b pocketed by Abacha through his shell-companies named Mecosta Securities and Parnar Shipping Corporation managed by his son Mohammed Sani Abacha. More information is available in the letter to the Federal Government from the U.S. Department of Justice dated March 10, 2014. 

Nigeria’s losses

 Suffice it to say that our country has continuously encountered great loses in the name of this loot; a few critical episodes are:

1. Kudirat Abiola’s murder: In a 2002 bargain with the Abacha’s family to return $1.2b, President Obasanjo agreed to dismiss the murder charges against Mohammed Sani Abacha and free him. The charges were dropped, Sani Abacha was released but the money wasn’t returned. Read more about Obasanjo’s wrong gamble on Wikileaks page with Canonical ID:02ABUJA2837_a. Also follow this link https://wikileaks.org/plusd/cables/02ABUJA2837_a.html

2. DasukiGate: In 2015, Okonjo Iweala transferred $300 million and £5.5 million out of the Abacha loot domiciled with the Central Bank of Nigeria to the office of the National Security Adviser headed by Alh. Dasuki Sambo. This makes up the famous $2.1b arms scam.

End Corruption; Do Not Distribute the Loot

The citizens of Nigeria demand the stoppage of the distribution of the monies because:

1. Nowhere in the world and its entire existence is it proven that the distribution of money alleviates poverty.

2. Nigeria has no real data of its citizens living below poverty line therefore according a fair “distribution” is impossible. 

3. Nigeria has not developed an effective monitoring and evaluation system; hence, these monies would most likely end up in the pockets of the officials in authority.

4. The “agreement” with Switzerland on the use of the money to alleviate poverty DOESN’T compel Nigeria to share the loot. What that agreement means is the Federal Government ought to identify appropriate projects capable of ensuring the stimulation of the economy such that wealth creating opportunities are opened for Nigerians especially in the most marginalised and neglected communities. This agreement must however be ratified by the National Assembly in accordance with Section 12 (1) of the 1999 constitution.

5. Abacha loot was gotten from Ajaokuta steel, therefore Ajaokuta steel should be the first option of it's investment. 

Use Abacha Loot to Fund Ajaokuta Steel’s Revival

It’s a known fact that the steel sector worldwide is the largest employer of labor. With the collapse of the steel sector and moribund state of Ajaokuta steel company, Nigeria has unfortunately fallen short of the job creating and revenues generating glory.

However, the recent efforts by the citizens alongside the National Assembly and the Ministry of Solid Minerals promises the judicious revival of Ajaokuta Steel complex inevitable. Therefore, we appeal to your fair conscience that the $322 m be diverted towards the completion of Ajaokuta Steel considering the fact that the recent “Technical Audit” states that the complex needs $600m for resuscitation. 

In summary, the $322m Abacha loot and all other trances this monies available in Switzerland and Nigeria should be invested towards the revival of Ajaokuta steel company so that the economy can be stimulated, jobs created, revenue generated and POVERTY ALLEVIATED. 

Words of Caution To President Buhari

Please do not allow your good name to be further soiled by unpatriotic and greedy  officials within your cabinet. Do not be deceived by beautiful misleading presentations of how that money will help the poor. Remember, after all is done and gone; may God not allow the lips of men to sing “the re-looting of Abacha loot by president Buhari”. 

On behalf of patriotic Nigerians 

Natasha Hadiza Akpoti 



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