SERAP Urges Buhari To Ensure Full Disclosure Of Expenditure On Recovered $700m Ibori Loot

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to ensure that the Minister of Finance, Budget, and National Planning, Zainab Ahmed fully discloses spending details of the $700 million looted funds reportedly recovered by the Federal Government in the past four years.

SERAP further implored the President to publicise the location of projects completed with the money, as well as details of the contractors that executed the projects.

SERAP urged the President to “Direct Mrs. Ahmed to disclose how the government plans to spend the returned £4.2m Ibori loot, including details of planned capital expenditure, and whether there is any plan to ensure that the money and any future returned Ibori loot would be spent to achieve justice and effective remedies for victims of corruption in Delta State.”

Ripples Nigeria had reported that the Attorney General of the Federation and Minister of Justice Mr. Abubakar Malami, SAN, stated that the Federal Government recovered over $700m looted funds linked to James Ibori, with plans afoot to repatriate more than £80m of Ibori loot.

In the Freedom of Information request dated 22 May 2021 and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “Disclosing spending details of the recovered $700m loot, and spending plans for the £4.2m Ibori loot would promote transparency, accountability, and be entirely consistent with your constitutional oath of office to ensure the well-being of Nigerians.”

The letter, read in part: “SERAP, therefore, urges you to withdraw your latest request seeking the approval of the National Assembly to borrow another $6.1billion in the public interests, and to ensure accountable fiscal stewardship of Nigeria’s money for both current and future generations.

“We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”