Uk group to monitor spending of 322m abacha loot
You're referring to the recent development in Nigeria regarding the repatriation of looted funds from the late General Sani Abacha's regime.
In June 2022, the Nigerian government announced that it had received $322 million in looted funds from the Abacha family, which was recovered from foreign accounts. To ensure transparency and accountability in the spending of these funds, the Nigerian government has set up a group to monitor the spending of the loot.
The group, known as the "Abacha Loot Recovery and Management Committee," is responsible for overseeing the use of the recovered funds. The committee is chaired by the Minister of Finance, Budget, and National Planning, Zainab Ahmed, and has representatives from various government agencies, including the Ministry of Justice, the Economic and Financial Crimes Commission (EFCC), and the National Assembly.
The committee's mandate includes:
- Verifying the authenticity of the recovered funds
- Identifying the beneficiaries of the looted funds
- Developing a plan for the use of the recovered funds
- Monitoring and evaluating the implementation of the plan
- Ensuring transparency and accountability in the spending of the funds
The committee has been tasked with ensuring that the recovered funds are used for the benefit of the Nigerian people, particularly in areas such as infrastructure development, healthcare, education, and poverty reduction.
It's worth noting that the recovery of the Abacha loot is a significant step towards recovering stolen assets and promoting transparency and accountability in Nigeria. The country has made significant progress in recent years in recovering looted funds and assets, and the establishment of the Abacha Loot Recovery and Management Committee is a positive development in this regard.