World Bank To Disclose More Information On Spending Of Abacha Loot

The Socio-Economic Rights And Accountability Project (SERAP), says the World Bank might soon release more information on the spending of some of the monies stolen by late General Sani Abacha.

This follows an appeal by SERAP to the World Bank’s archives unit for public access.

SERAP asked the World Bank to account for the spending of 50 million dollars of Abacha’s loot, which was received before 2005 and kept in a special account.

It also asked for evidence and location of schools which benefited from the Universal Basic Education programme as well as evidence and location of the 13 road projects completed with the recovered money.

The World Bank, in October 2015 acknowledged the receipt of SERAP’s letter and said that it needed more time to compile and furnish the group with information on the spending of the recovered loot.

SERAP explained at the time that such information would not only enable the Nigerian masses to know the status of the recovered loot but it would also equip civil society organisations to engage the government on greater transparency and accountability.

SERAP had in September 2015 also urged the government of President Muhammadu Buhari to “thoroughly investigate the role and involvement of the World Bank in the repatriation, management and spending of repatriated Abacha loot”.

In a report, the group also recommended that the government should probe other similar funds, with a view to ensuring full transparency and accountability in the transactions.

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