Connect with us

NEWS

Close To $1bn Stolen Under Abacha, Says President Buhari As He Thanks Countries For Repatriating Funds

Valentine Chinyem

Published

on

President Muhammadu Buhari has said close to $1bn was “stolen under a previous, undemocratic junta in the 1990s.”

In an article published in Newsweek, a United States-based publication, the President thanked countries that have returned the looted funds back to Nigeria.

Although, Buhari did not directly mention the name of Sani Abacha, under whom he served as Petroleum Trust Fund head.

His letter reads, “And we can now move forward with road, rail and power station construction — in part under own resources — thanks to close to a billion dollars of funds stolen from the people of Nigeria under a previous undemocratic junta in the 1990s that have now been returned to our country from the US, UK and Switzerland.

“That these friendly nations agreed to return these funds after so long is testament to the fact that Nigeria is rightly seen as an increasingly stable and beneficial place to transact and invest. It is much the same across the continent, with sub-saharan Africa now outpacing Asia, Europe and North America by some measure in terms of foreign direct investment inflows-to-GDP, perhaps for the very first time.”

Hundreds of millions of dollars stolen by the late military dictator and stashed in various foreign accounts have since been recovered and repatriated by various countries.