• Latest
  • Trending
$311m Abacha Loot Paid Directly To Contractors To Avoid Diversion by National Assembly, Others – Presidency

$311m Abacha Loot Paid Directly To Contractors To Avoid Diversion by National Assembly, Others – Presidency

September 19, 2022
PPMC fixes petrol ex-depot price at N138.62 per litre

Dangote Refinery reduces petrol price to N1,200/litre

April 8, 2026
Trafficking: Court Orders Sealing Of 4 Brothels in Port Harcourt

Court Remands Housewife for Allegedly killing her 3-day-old Stepson

April 8, 2026
EFCC Arrests One for Naira Mutilation in Maiduguri

EFCC Arrests One for Naira Mutilation in Maiduguri

April 8, 2026

Iran Confirms two-week ceasefire

April 8, 2026
Trump Reacts To Acquittal, Lauds Legal Team For Upholding Justice

Ceasefire deal: Trump Agrees To Suspend Bombing Of Iran For Two Weeks

April 8, 2026
https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/
ADVERTISEMENT
Guber Polls: My Victory Is God’s Will- Bala Mohammed

Bauchi APC caucus rejects Bala Mohammed’s defection move

April 8, 2026
5 Corp Members Die In Abaji Road Accident, President Buhari Pays Tribute

NYSC Releases schedule for 2026 Batch ‘A’ Stream II Orientation Course

April 8, 2026
Save Democracy: Atiku, Amaechi, Aregbesola, Kwankwaso, Obi lead protest

Save Democracy: Atiku, Amaechi, Aregbesola, Kwankwaso, Obi lead protest

April 8, 2026
Gov Mutfwang suspends mining activities in Plateau

Plateau Govt Relaxes Curfew in Jos North

April 8, 2026
ADVERTISEMENT
  • About US
  • Advert Rates
  • Privacy Policy
  • Contact
Thursday, April 9, 2026
  • Login
No Result
View All Result
Present Nigeria
  • Home
  • News
    • Education
    • Health
    • Crime
  • Business
  • Politics
  • Entertainment
    • Lifestyle
  • Opinion
  • Sports
  • World News
  • Home
  • News
    • Education
    • Health
    • Crime
  • Business
  • Politics
  • Entertainment
    • Lifestyle
  • Opinion
  • Sports
  • World News
No Result
View All Result
Present Nigeria
No Result
View All Result

$311m Abacha Loot Paid Directly To Contractors To Avoid Diversion by National Assembly, Others – Presidency

by Present Nigeria
September 19, 2022
in News
0
$311m Abacha Loot Paid Directly To Contractors To Avoid Diversion by National Assembly, Others – Presidency
28
SHARES
55
VIEWS
FacebookTwitterWhatsappTelegram

The Presidency has said that $311 million loot by the late former military Head of State, General Sani Abacha, which was repatriated to the country, had been paid directly to contractors for various jobs executed for the government.

The Senior Special Assistant to the President onon Public Affairs, Ajuri Ngelale, said this during a virtual town hall meeting hosted on Twitter.

RelatedPosts

Dangote Refinery reduces petrol price to N1,200/litre

Court Remands Housewife for Allegedly killing her 3-day-old Stepson

EFCC Arrests One for Naira Mutilation in Maiduguri

According to him, the direct payment was to prevent the National Assembly and the Ministries, Departments and Agencies (MDAs) from diverting the money.

The federal government had in May received $311,797,866.11 as part of the recovered assets of the former military dictator.

The fund, which was repatriated from the United States and the Bailiwick of Jersey, was committed to expediting the construction of the Lagos-Ibadan expressway, Abuja-Kano road, and the Second Niger Bridge.


Ngelale said;

“So you have three major projects under the PIDF that we have been able to fund directly to the contractor through the Nigerian Sovereign Investment Authority (NSIA).

“And Nigerians have seen the truth of that, we don’t have to boast about it or talk about it because they can see it.

“Whether it’s a Second Niger Bridge, whether it’s the Lagos-Ibadan Expressway or whether it’s the Abuja-Kano, they know the work that is going on, it’s not in dispute.

“And because of the structure of the Presidential Infrastructure Development Fund conceived by President Muhammadu Buhari, nobody, no middleman can put his finger on a kobo of that money on $1 of that money.

“And, of course, we’ve been able to further galvanise other funding inputs from, of course, the Abacha loot, signing deals with the with the US government and the Jersey authorities to ensure that $311 million was put back into those three projects, with each project taking about $103 million or 33.3 per cent of the total Abacha loot that was sent back.

“So, that’s another one where we’ve been able to mobilise private and public financing to be able to directly get this money into the hands of contractors straight without National Assembly diversion, without MDAs diversion, and all of that.” he said

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Related

Share11Tweet7SendShareShare2
Previous Post

Herbalist Steals Human Head, Intestines From Osun Cemetery

Next Post

Insecurity: 100% Of People We Have Caught In Anambra Are Igbos- Soludo

Related Posts

Trafficking: Court Orders Sealing Of 4 Brothels in Port Harcourt

Court Remands Housewife for Allegedly killing her 3-day-old Stepson

April 8, 2026
EFCC Arrests One for Naira Mutilation in Maiduguri

EFCC Arrests One for Naira Mutilation in Maiduguri

April 8, 2026

Iran Confirms two-week ceasefire

April 8, 2026
Trump Reacts To Acquittal, Lauds Legal Team For Upholding Justice

Ceasefire deal: Trump Agrees To Suspend Bombing Of Iran For Two Weeks

April 8, 2026
Next Post
Soludo Apologises For Bianca Ojukwu And Ebelechukwu Obiano’s fight

Insecurity: 100% Of People We Have Caught In Anambra Are Igbos- Soludo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

PRESENT, a credible online newspaper from the cell of Red Carpet Communications Limited, is published by an experienced and profoundly resourceful journalist, Yemi Olowolabi.
It leads in lucid presentation of trending stories and breaking news in Politics, Business, Economy, Entertainment, Sports, Lifestyles and Other Features.
With a heritage of in-depth coverage and adept leverage of core professionals, PRESENT is the trusted witness of the news.

  • Privacy Policy
  • Contact Us
  • Advert Rates

© 2025 Present Nigeria. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Crime
  • Business
  • Politics
  • Entertainment
    • Lifestyle
  • Opinion
  • Sports
  • World News

© 2025 Present Nigeria. All Rights Reserved.