…Allegedly demands $30m cut
Budget and Planning Minister Atiku Bagudu, has activated steps to block France from repatriating $150 million in plundered funds linked to the infamous Sani Abacha loot, allegedly saying he had an interest in the tranche and would only back down if paid $30 million.
Recall that since 1999, Bagudu has worked against Nigeria during efforts by previous administrations to recovered some of the vast loot, estimated to be worth more than $8 billion with its backing documents strewn across Western jurisdictions, but this is the first time he would be working at cross purposes against a cabinet he belongs and associates.
Diplomatic sources told newsmen, at the weekend, that the former Kebbi State governor, serving in Tinubu’s cabinet since August 21, informed French authorities he was demanding $30 million cut based on some novel business arrangement with Abacha, Nigeria’s former Head of State, who died in June 1998 after a protracted illness.
It was gathered that President Tinubu started looking forward to the money following a meeting with a French diplomat in Abuja in early November, which would have been the first Abacha booty repatriation on his watch.
It was also learnt that French officials had previously indicated intention to seal the release at the recent United Nations Convention against Corruption Conference of States Parties summit in Atlanta, USA.
According to sources, who spoke under anonymity to comment on an ongoing dispute of international dimension, said France’s hands have been consequently tied by a legal action recently triggered in Paris by Bagudu and his associates.
Bagudu, on his part, declined comments about the controversial move, saying the matter had nothing to do with his role as a minister. A presidential spokesman also sidestepped questions on the matter.
However, Bagudu had said previously that he was not seeking to cut directly from Abacha’s loot, but that his family members were involved and he had no control over how they pursued their respective interests.
Since tracing began shortly after his death, Nigeria has recovered nearly $4 billion of cash deposits that Abacha and his cronies, chief among them Bagudu, tucked stilly in Switzerland, United Kingdom territories and elsewhere.
Some of those cash assets have been returned and tied to specific developmental protects, although anti-corruption campaigners said they found multiple instances in which some of the funds were stolen through federal racketeering and illicit contract awards over the years.
Still, Bagudu’s move to deprive the country of $150 million at a time it’s enduring steep crunch in cash access and foreign exchange could complicate Tinubu’s avowed efforts to mollify the hardship ravaging Nigerian masses since he abolished federal subsidies on petrol effective his assumption of office on May 29, first time since they were instituted in 1970s as a form of wealth distribution to the poor.
Nigeria had made a formal submission to recover the funds. Submitted by the nation’s attorney-general, the process involves trilateral understandings between the United States, France, and Nigeria, only to be thwarted following the sudden move by Bagudu, a notorious bagman of Abacha and other kleptocrats of Nigerian origin.
The Minister for Europe and foreign affairs of France, Catherine Colonna, who led the French envoy in the November discussions, had described the funds as “assets stolen from the Nigerian people by General Sani Abacha and his family”.
She also disclosed that her government is interested in committing the funds to development projects that would benefit the nation.
President Tinubu, in response, thanked the French envoy and affirmed that the recovered loot “will be judiciously applied” in realising the country’s development goals.
However, it was gathered that Bagudu has made it clear to the Nigerian front in the negotiations that he would not cease legal hostilities until he has been assured of his $30 million cut, a position that starkly undermines the posturing of his principal, who says he is doing everything possible to arrest the country’s economic woes and salvage all the resources it can to put the country on a sustainable economic path.
While diplomatic sources characterised Bagudu’s chances of absolutely blocking the $150 million without his $30 million slice as slim, they nonetheless appreciated his ability delay the transfer, which would, in turn, prolong implementation of designated developmental projects set to commence in Nigeria upon the receipt of the funds.
While the roles of some Nigerian businessmen in Abacha’s plunder have long been acknowledged, Bagudu has more recognition as the mastermind behind the money laundering operation that flourished under Abacha, successfully establishing channels within both local and international financial institutions to siphon Nigeria’s wealth from mid to late 90s. He set up a multilayered covert structure to conceal stolen funds and coordinated a notable network of enablers and accomplices.
In his 2024 budget estimates, President Tinubu earmarked N4.4. trillion to the budget and planning ministry under Bagudu , the largest that ever allocated to that ministry since its creation. The move immediately sparked controversy, with Nigerians urging the parliament to significantly cut the proposal. But analysts said they have little expectation lawmakers would go against Tinubu’s request in any meaningful way.
