How ex-Finance Minister, Ngozi Okonjo-Iweala diverted N61.4 BILLION Abacha loot to ex-NSA, Sambo Dasuki

The immediate past Minister of Finance, and Co-ordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, was said to have illegally approved the transfer of at least N61.4 billion ($300 million and £5.5 million) from funds recovered from late dictator, Sani Abacha, to the Office of the National Security Adviser, Sambo Dasuki, few weeks to the 2015 presidential election.

According to a letter signed by Okonjo-Iweala, the former Finance minister signed off the transfer of the funds but requested then President Goodluck Jonathan to directly demand accountability from the then National Security Adviser, Col Sambo Dasuki.


In her immediate reaction, however, Okonjo-Iweala explained that only a part of the fund recovered from late Abacha was spent on arms and not the entire fund.

Dasuki, alongside the former governor of Sokoto State, Attahiru Bafarawa, and founder of DAAR Communications, owners of Africa Independent Television and Raypower radio network, Raymond Dokpesi, are being investigated for their roles in the disbursement of $2.1 billion and N643 billion meant for the procurement of arms to fight the raging insurgency in Nigeria’s north east region.

Okonjo-Iweala’s letter dated January 20, 2015, which was addressed to Jonathan, revealed that the money was transferred following a January 12, 2015 request by the Office of the NSA under Dasuki for funds for the procurement of arms and ammunition as well as intelligence equipment.

The letter read: “Please find a request by the National Security Adviser (NSA) for the transfer of $300 million and £5.5 million of the recovered Abacha funds to an ONSA (Office of the National Security Adviser) operations account.

“The NSA has explained that this is to enable the purchase of ammunition, security, and other intelligence equipment for the security agencies in order to enable them fully confront the ongoing Boko Haram threat.

“His request is sequel to the meeting you chaired with the committee on the use of recovered funds where the decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development need (including a portion for the Future Generations window of the Sovereign Wealth Fund).”

She added that the letter was to seek Mr Jonathan’s approval for the funds to be disbursed to the NSA.

The former minister further explained that the money being transferred formed part of the Federal Government Independent Revenue.

Credit: Vanguard