Sunday, September 7, 2025
24.9 C
Lagos

Nigeria Seeks World Bank Support to Recover $320m Abacha Loot

President of Nigeria, Muhamadu Buhari, asked World Bank’s help to rapidly recover $320 million stolen under General Sani Abacha’s rule and hidden in Swiss accounts.

Buhari made the appeal to the Bank’s Chief Operating Officer, Sri Mulyani Indrawatito as she was visiting Nigeria, after stopping by Cameroon.

“We need the support of the World Bank for the repatriation of the funds. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us,” Buhari said. Swiss authorities agreed to send back the funds on the condition that they are used to finance development projects, under the aegis of World Bank.

The visit of the COO was also the occasion for a direct dialogue regarding Nigeria’s economic status. Truly, Africa’s top economy suffers from a drop in quantity and prices of the crude it produces.

It is a situation which led to external and public revenues falling, deficit widening and Naira devaluating.

Indrawatito talked about various ways to support Nigeria, but none of the executives present came back on the $2.5 billion and one billion dollar loans that Nigeria asked World Bank and African Development Bank respectively at the beginning of 2016.

Regarding the World Bank loan, it was to be approved by IMF.

However, the latter like many international investors, wished for Nigeria to float its currency, or at least, officially devaluate it.

This constitutes today the stumbling block between Nigeria and its various western economic partners.

Buhari stands firm on his position which is that devaluating Naira is not adequate, referring to past and risk of inflation. Also, he signed with China various agreements, leaving a margin in case of a separation with his Western partners.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

N19.3tr E-Payment Transactions Recorded in Q3

Figures from the National Bureau of Statistics and Central...

Stanbic IBTC Pension Facilitates Home Ownership for RSA Holders

Stanbic IBTC Pension Managers, Nigeria’s leading pension fund administrator...

Fidelity Bank Supports Improved Maternal Health in Lagos

Leading Financial Institution, Fidelity Bank Plc, has donated maternity...

Dangote Cement Denies Running Sales Promo, to Prosecute Peddlers of Falsehood

Management of Dangote Cement Plc has denied reports in...

PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

The National Pension Commission (PenCom) says pension assets under...

AMCON Takes Over Assets of Pan Ocean Group over N240bn Debt

Hon. Justice A.M. Liman of the Federal High Court,...

‘Ecobank Will Continually Support, Collaborate With Innovative Fintechs, Start-Ups’ – GCEO

Chief Executive Officer, Ecobank Group, Ade Ayeyemi, has said the...

3 Congratulations to 3 Men of History

It’s a season of divine victories for Nigeria! A victorious season that began with peaceful conduct of presidential election on Saturday, March 28, 2015 and equally peaceful handover of political power to another political party at the centre. It was also a political milestone when the defeated incumbent president freely conceded defeat and congratulated his opponent-an exemplary conduct in our clime.
spot_img

Related Articles

Popular Categories

spot_imgspot_img