Abacha secured 60 false security vote letters to loot CBN —US

The United States Government has given more insights into the looting of over $2billion from the Central Bank of Nigeria (CBN) by a former Head of State, the late Gen. Sani Abacha, and some of his children.

The US said Abacha secured 60 false security votes letters to draw money from the CBN.

More than $700million of the money was delivered to Mohammed Abacha in bags or boxes full of cash.

Some of the cash transferred from the CBN, under the guise of security votes, to foreign accounts included $1.1billion and £413 million (GBP) in cash; $50,465,450; £3,500,000 GBP in traveller’s cheques; and $386, 290, 169

In a document filed by the United States Department in the District and Bankruptcy Courts for the District of Columbia, the US court document, which was exclusively obtained by The Nation newspaper, said in part: “Abacha together with Mohammed Sani Abacha, Bagudu and others, systematically embezzled public funds worth billions of dollars from the CBN on the pretext that the funds were necessary for national security.

“After causing the CBN to release the funds, often in cash, Gen. Abacha and Bagudu then moved the funds overseas, including through US financial institutions (the Security Votes Fraud).

“Over 60 false security votes letters were addressed to and endorsed by Gen. Abacha, each of which resulted in the withdrawal of Nigeria’s public funds from the CBN.

“Subsequently, the funds were deposited into accounts controlled by, or used to purchase assets for the benefit of, Gen. Abacha, Bagudu or other members of the conspiracy.”

The document quoted samples of some of the false security votes letters raised by a former National Security Adviser, Aliyu Ismaila Gwarzo.

The document said: “By letter, dated June 2, 1994, Gwarzo falsely stated: “In view of the ongoing negative campaign against this country, a small international operation has been mounted to cover it. Please approve as a matter of urgency, the sum of $5million for this operation

“By letter dated November 30, 1994, Gwarzo falsely stated:$100m requested to combat an economy that was deflected and distorted through the black market.

“By letter, dated August 20, 1996, Gwarzo falsely stated: “In light of the current political situation in the country, coupled with the increase in security operations, there is need for a lot of funds to handle the challenges outlined above such that I require N350million plus $30million and 15million pounds. Please consider the desperate need and approve.

“Each of these letters and others like them were endorsed by Gen. Abacha.”