The Sani Abacha Loot

Sani Abacha ruled Nigeria from 1993 until his death in 1998. During this period, he and his associates systematically looted the country's treasury, hiding the funds in various foreign bank accounts. The recovery effort is still ongoing and the returned funds are often earmarked for infrastructure and social programs, though concerns about transparency in their use persist.

As of 2024, an estimated $3.65 billion has been recovered over 24 years. Including approximately $4 billion in cash and about $2 billion in assets.

Key Points

• Multiple countries involved in recovery efforts, including Switzerland, USA, UK, France, and Liechtenstein.

• The Nigerian government has earmarked some recovered funds for specific infrastructure projects, such as the Abuja-Kano road, Lagos-Ibadan expressway, and the Second Niger Bridge.

• Challenges remain in asset recovery, including the lack of a comprehensive framework for managing and utilizing recovered assets in Nigeria.

• Civil society organizations are pushing for greater transparency and oversight in the management of recovered funds.

• The full extent of Abacha's looting remains unclear, with estimates ranging from $3 billion to $5 billion.

Late Gen. Sani Abacha