U.S. to repatriate $480m of Abacha loot

United States has agreed to repatriate to Nigeria about $480million believed to have been stolen by the late Head of State, Gen. Sani Abacha and his family.

But the conditions for the repatriation of the cash and other details are being worked out, The Nation has learnt.

Also, it was learnt that the Department of Justice in the United States now has a Kleptocracy Unit, which will assist to track looted funds and money laundered by public officials from Nigeria and other nations.

The planned repatriation is the outcome of the recent meeting between the Department of Justice and the Attorney-General of the Federation, Abubakar Malami (SAN) and the Acting Chairman of the Economic and Financial Crimes Commission( EFCC), Mr. Ibrahim Magu.

A source, who spoke in confidence with our correspondent, said: “This is the largest loot ever traced to a former Nigerian public officer in the U.S.

“The DOJ, the AGF and the EFCC have concluded all the talks; we are in the process of repatriation of the $480million.

“Although there are interventions from private lawyers, the DOJ prefers a government-to-government deal.

“ I can tell you that the funds will soon be repatriated. If there is anything left, it has to do with the conditions which the US will attach to the utilisation of the funds.

“The US is likely to advise on specific areas to spend the funds on and the project monitoring mechanisms. It does not want the cash re-looted.”

In the source’s view, there is no hiding place for Nigerian treasury looters in the United States anymore.

“The Federal Government and the U.S. on January 14, 2003 signed the Treaty on Mutual Legal Assistance in Criminal Matters between the two nations. So, no corrupt public officers from Nigeria can hide in the US.

“At the session with AGF and the EFCC boss, they told the Nigerian team that the DOJ now has Kleptocracy Unit which is closing tabs on Political Office Holders and other public officers in this country and many other nations.”

The Department of Justice of the United States had in the last few years initiated forfeiture proceedings against the Abachas.

The proceedings made it possible for the Abacha family and its associates to forfeit over $550million and £95,910 in 10 accounts and six investment portfolios linked to them in France, Britain, British Virgin Islands and the United States.

The Criminal Division of the Office of International Affairs of the US Department of Justice, in a letter to the Federal Government, identified the accounts where Abacha loot was hidden.

The highlights are as follows: Doraville Properties Corporation – $287 million in Account Number 80020796 located at Deutsche Bank International Limited in the Bailiwick of Jersey; HSBC Fund Administration (Jersey) – $12 million in account number S-104460 in the Bailiwick of Jersey; and Rayville International, S. A – $1 million in account number 223405880IUSD at Banque SBA in Paris, France.

Others are Standard Alliance Financial Services Limited – $144 million in account 223406510PUSD at Banque SBA in Paris; Mecosta Securities – $21.7 million in accounts 10030688 and 100138409 at Standard Bank in the United Kingdom; and HSBC Bank Plc – $1.6 million in account number 38175076.

Also listed are Blue Holding (1) Pte Ltd/ Ridley Group Limited – £6,806,900; Blue Holding (2) Pte. Ltd/ Ridley Group Limited – £21,846,983; Blue Holding (1) Pte. Ltd/ Ridley Group Limited – £10,293,343.58; Blue Holding (2) Pte. Ltd/Ridley Group Limited – £56,962,996.26

It was learnt that the Abacha family had pledged to cooperate with the Federal Government.

But the EFCC is still probing the whereabouts of £22.5m (N6.18billion) loot which the late Gen. Abacha allegedly stashed away on the Island of Jersey.

No fewer than three prominent Senior Advocates of Nigeria (SAN) have been quizzed by the EFCC on the whereabouts of the records of the recovered £22.5m (N6.18billion).

According to records, the late Head of State allegedly stashed the funds through a Lebanese called Bhojwani.

But when the Office of the AGF was alerted by a whistle-blower, the administration of ex-President Goodluck Jonathan opened discussions with the Attorney-General of the Island of Jersey.

“The AG of the Island of Jersey cooperated fully with the government, leading to the repatriation of the £22.5m. EFCC is still searching for the records from those involved.

A top EFCC source said last night: “We have not closed investigation into the whereabouts of this money.”

The Nation

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Nigeria can't afford nuclear technology

The association stated that it is unaffordable and suggested that the country should consider exploring other alternatives, such as coal and solar energy, to boost power generation and not nuclear technology.

According to the Guardian, in a statement signed by the national chairman of the NIEEE, Emmanuel Akinwole, the association said that Nigeria lacks a system that promotes a maintenance philosophy to engage itself in such a high discipline project as is required by nuclear energy.

Nuclear technology is expensive

Akinwole noted that nuclear energy is expensive, adding that nations like Europe are scaling down on the use of nuclear technology due to the associated risks and costs.

He further highlighted that in the past, almost all projects of that size in Nigeria were either not completed or could not be managed and sustained.

Akinwole then recommended that focus should rather be on projects that could boost the country’s economy, which are not properly managed, including the Ajaokuta steel mills, aluminium smelting plant, Nigerian paper mills, Discos and Gencos.

He advised that the government should discard the idea of deploying nuclear technology in the generation of power for now and rather focus its resources to unlocking the approximately 5,000MW of generation capacity that is nearing completion.

150MW of power stranded

In a separate statement, during a meeting between the minister of power, works and housing, Babatunde Raji Fashola and stakeholders in the power sector, it surfaced that about 150MW of power at the Odukpani National Independent Power Plant is stranded.

The ministry's permanent secretary, Louis Edozien, instructed the Port Harcourt Electricity Distribution Company to fast-track the distribution of the stranded power to lines and sub-stations.

However, according to the media, the Niger Delta Power Holding Company Limited is already working on plans to distribute the stranded megawatts to customers in Calabar and Ikot Ekpene following the directive.

ESI

Nigerian government approves direct flight from Nigeria to China

The Nigerian government has granted an airliner, Air Peace, a license to operate international flights from southeast city of Enugu to China and other areas, an official said Thursday.

The recognition would open a new vista in the economy of the state, Ifeanyi Ugwuanyi, the state governor during the closing ceremony of the First Enugu Investment Summit.

The governor said by approving the license of the airline, President Muhammadu Buhari had shown himself as having the interest of all sections of the country at heart.

Ugwuanyi said the state would never be the same again having had a successful summit that attracted investors across the world.

"We have not only showcased the vast potentials in the state, but from reactions of participants, it does appear that we have been able to provoke an unprecedented interest from investors across the world," he added.

"The journey to economic prosperity has commenced. The light of the economic dawn that has been lit through this summit will never be allowed to die," he said.

Ugwuanyi thanked delegates who made the summit a success and pledged to create an enabling environment for interested investors.

Earlier in his presentation, the Chairman of Air Peace Ltd, Allen Onyema, said the airline would soon commence flights from the Akanu Ibiam International Airport, Enugu to China.

The chairman said it was time for Nigeria to be a hub for West and Central African sub-regions.

"President Muhammadu Buhari in his magnanimity on March 31, 2016 approved for us the right to fly to five different countries and we decided now to make Enugu State the hub," he said.

Onyema said Air Peace would fly to India, United Arab Emirates, South Africa, Atlanta in the U.S. and China, adding that the China flight would commence in a few months.

"There is no other airline in West and Central Africa that flies direct to China," he added.

"We will use our airline to bring passengers from countries in West and Central Africa to Enugu and move them to China," Onyema said.

"We are going to deploy a cargo plane that will do nonstop flights to Enugu," Onyema said.

Shanghai Daily