Chat with us, powered by LiveChat

Tag: abacha

Know All About ‘The Abacha Loot’

There is breaking news of law enforcement in New Jersey USA seizing stolen Nigerian money. The actual worth of loot hidden in the tax haven of Channel Islands is close…

There is breaking news of law enforcement in New Jersey USA seizing stolen Nigerian money. The actual worth of loot hidden in the tax haven of Channel Islands is close to $267 million. Estimations show it is a fraction of the ‘Abacha loot’ worth around $4 to $5 billion.

In a time when Nigeria faces various threats on economic and social fronts, this is a windfall. But what are the facts concerning this and why do the migrants have to keep a lookout?

Sani Abacha and the Abacha loot

Sani Abacha was a Nigerian army officer who died of a heart attack in 1998. He was the first of his country to become a full star general without skipping a level. They revere him in the North and scorn at him in the South.

Sani Abacha was also a dictator who seized the power of the country during its democratic transition in 1993. Credits for economic reforms during his 5-year reign angelize him. Yet allegations of money laundering, which appeared after his death seem to be truer.

The former military dictator looted the country out of $3-5 billion between 1993 and 1998. This was during the time when Nigeria was having exponential growth as an oil producing country. He and his son allegedly laundered money through the purchase of bonds backed by the United States. We all know this stash of foreign loot as the “Abacha Loot”.

How is it Not in Nigerian control yet?

Nigeria is reported to have lost  $400 billion to corruption from 1960 to 1999. According to a press report authorities in Jersey have seized more than $267 million from associates of the late leader. This is not counting $550 million that the US authorities have in frozen accounts, pending clearance.

This money transfer from USA to Nigeria is not as easy as it is on FAZRemit. The challenges include an uncooperative attitude of the countries in possession of the loot and strict conditions. The United States and Switzerland have the largest amounts of the loot, yet both attach this loot with strict laws.

The US legislative laws need to have verification showing the money as illegally laundered. They also need strict confirmations of its future safety and accounts of its use for the good of Nigeria. Many fear these same regulations will lead to another loss of the Abacha Loot. Just as Nigeria gave up $480 million of the loot in 2014, they stand to lose this too.

What is at stake?

Any money that a country loses causes its depreciation in the world economy. Especially illegally looted money, or Black money, causes a nation’s economy to be badly affected. Foreign exchange rates against the country become bad and inflation rises. These foreign exchange rates affect any migrant who looks to send money to Nigeria or to their families.

Many are pleading the diaspora to join up in getting these stolen funds back to Nigeria. This returned money could wipe off the major problems of economic instability, food insecurity, and even child labor. Money transfers to Nigeria will get greater value. It will help stabilize the Nigerian households and provide for better futures.

With Services like FAZRemit leading the way of fast, affordable transactions, the value of remittances has never been higher. A better Foreign exchange and all-round growth of the country will only increase it more.

Read: Nigerian families need immigrants to send remittances more than ever

FAZRemit and its Services

FAZRemit is a service that helps migrants in online money transfer from the USA to Nigeria.

While the Abacha loot took years of work to find, a click of a button registers you on FAZRemit. Registering allows the user to send $2499 to their loved ones, instantly.

Unlike the years of legality that takes the Abacha loot to reach the country, remittances through FAZremit get done instantly.

The KYC checks during registration provide the user and their money with security. No illicit activity of money laundering would have gone on with FAZRemit.

While the Abacha loot increases the cost of sending money to Nigeria, FAZremit offers the opposite. We assure the lowest processing fee in the market for money transfers from US to Nigeria.

Maybe, Abacha should have used his loot for the good of Nigeria, just ask FAZRemit’s customer-centric services. But then again, he was a dictator, and we are the Nigerian remitters’ best friend.

Send money to Nigeria, and those who need it most, instead of looting it all up! Join FAZRemit today.

Comments Off on Know All About ‘The Abacha Loot’

Type on the field below and hit Enter/Return to search