News

Stolen $2bn: Report exposes Abacha looting machinery, strategies

Published

5 years ago

February 9, 2022

FG drags UK to court over £150m loot

Fresh facts have emerged on the modus operandi used by a former Head of State, late Gen. Sani Abacha, to steal humongous amount from Nigeria’s treasury and stashed the funds running into two billions of dollars away in secret foreign accounts.

This is coming as the Nigerian government has sued Britain’s National Crime Agency (NCA) over €180 million (£150 million) reportedly stashed abroad by the late dictator, asking that the funds be returned to the country (Nigeria).

In a new report by the Telegraph of the UK, Abachi was said to have executed the looting after seizing power in a 1993 coup, using his position as Nigeria’s head of state to place himself above the law and skim vast sums of money from the oil-rich nation.

For instance, the report stated that he would tell advisers to make spurious requests to him for money to deal with national “emergencies”, according to the US court documents.

Signed letters would then be sent to the CBN, which would provide cash, travellers’ cheques or arrange a wire transfer.

The report added, “Money was stuffed into boxes or bags and transported to Abacha’s house, before associates arranged for it to be sent abroad.

“At least $2 billion is thought to have been stolen this way, using more than 60 letters to the central bank.

“Abacha also arranged for the government to sell bonds to a company controlled by his allies before buying them back at vastly inflated prices, generating an illicit windfall of $282 million.”

Separately, the report stated that Abacha and his associates extorted French engineering firm, Dumez Group, of $97 million and used his spoils to live a luxurious lifestyle.

“Inside his many sprawling homes, he kept piles of glittering jewellery, including gold necklaces and rings, and at one stage as much as $100 million in cash,” the report noted.

However, the money Abacha and his associates plundered became the subject of an international search after the dictator’s sudden death in 1998 at the age of 54.

The report stated that weeks after his death, Abacha’s widow was caught trying to flee the country with 38 suitcases packed with money and his family later forfeited nearly $1 billion.

“Yet the only clues hinting at where other stashes of money could be found were a few details of secret offshore bank accounts discovered by authorities,” it said.

“Since then, the Nigerians have sought foreign help to recover as much as possible, with more than $1 billion eventually returned from Switzerland alone,” it added.

Efforts to recover the stolen funds have reportedly been hampered by the sheer complexity of Abacha’s dealings as well as marathon legal battles that have dragged on for years, some involving former associates.

The latest is that the Nigerian government has sued Britain’s National Crime Agency (NCA) over control of €180 million (£150 million) stashed abroad by former Head of State, late Gen. Sani Abacha.

According to the UK Telegraph, the case is expected to spark fresh questions about dirty money flowing through the City of London.

Nigeria is asking the NCA to release funds (about N84.5 billion) that it froze at the request of the US authorities.

In just one example of the web of transactions crisscrossing the globe, some US prosecutors outlined in court filings how money was laundered by Abacha and his associates through bank accounts in Lagos, London, New York, Paris, Zurich, and Geneva.

The assets were stashed in banks, including Deutsche Bank, HSBC, and Banque SBA, according to the lawsuit, although there was no suggestion that the banks were involved in any wrongdoing.

The Telegraph stated, “This legal action eventually resulted in a 2020 deal to repatriate about $321 million, which had been laundered through the US banking system and then held in accounts in Jersey under the name of Doraville Properties Corporation, a British Virgin Islands company, and Abacha’s son, Mohammed.”

The new development comes as Britain fights claims that it has been very tolerant of dirty money flowing through the City of London.

US officials said last month that they were concerned that deep links between the UK and several Russian oligarchs meant that sanctions issued against Moscow if it invades Ukraine could be rendered ineffective.

Last Sunday, Briish Labour MP David Lammy accused ministers of doing too little to deal with corruption in Britain.

Lammy said, “We have to fix the dirty money problem we have, this huge problem of money laundering in London, of corruption and fraud.

“There’s so much that (ministers) are not doing. Joe Biden knows it and he’s concerned.”

But simultaneously, another court tussle in the UK is happening in parallel. At stake is more than €90 million, some of which came from Abacha’s security votes fraud, according to a High Court judgement issued in 2014.

The money is said to be controlled by a Singapore-based trust set up for the benefit of the family of Abubakar Bagudu, the serving governor of Kebbi State, who is accused of playing an “instrumental role” in many of Abacha’s corrupt schemes by the US prosecutors.

Bagudu has always denied any wrongdoing. His office did not respond to a request for comment, the report said.

His brother, Ibrahim, is a director of two companies known as Blue Holdings owned by the Singapore trust.

According to the Pandora Papers, a leaked cache of documents obtained by the International Consortium of Investigative Journalists last year, the Bagudu brothers enlisted Farrer & Co, an elite London law firm that has advised the Queen, to help them set up these businesses.

They moved €98 million from a British Virgin Islands trust to a new structure spanning Singapore and the Cook Islands.

Farrer & Co said it carried out “extensive due diligence” on Bagudu and that it obtained approval from the Serious Organised Crime Agency (SOCA), the precursor to the NCA, to move the funds.

The amount reportedly controlled by the Singapore trust may now have grown to as much as €180 million and kept in accounts at Waverton Investment Management and James Hambro & Partners, both in London.

The NCA has been working with American authorities in a bid to confiscate the funds and return them to “the people of Nigeria,” the report stated.

However, the Nigerian government wants them to be returned directly to the country and the parties, including lawyers for Bagudu, have been holding negotiations about a possible settlement, court filings in the US show.

Bagudu struck a deal with the Nigerian government in 2003, in which he agreed to return a sum of money but made no admission of wrongdoing, and the agreement was reaffirmed by President Muhammadu Buhari in 2018.

This is interpreted to mean almost 70 per cent of the UK money could be handed to Bagudu if returned.

Court filings showed the Nigerian government subsequently sought to unlock the funds and repatriate them in legal action against the NCA – a move that was opposed by the UK and the US.

The country hired Kingsley Napley, the London law firm famed for representing a host of celebrities, including Rebekah Vardy, to represent it.

The report quoted Spotlight on Corruption, a non-profit campaign group, as saying that the case raises questions about whether, “law enforcement is being paid and resourced enough to get its act together”.

News

US to Withdraw 200 Troops from Nigeria as Counterterrorism Mission Winds Down

Published

5 hours ago

August 28, 2026

Trends Admin

US to Withdraw 200 Troops from Nigeria as Counterterrorism Mission Winds Down

The United States is preparing to withdraw approximately 200 troops deployed to Nigeria earlier this year to support the fight against Islamist militants, as its counterterrorism mission in the country winds down. The withdrawal is expected to be completed by late September, according to a report by The New York Times citing US military officials. However, the departure of the larger contingent will not end US security cooperation with Nigeria, as smaller teams of military trainers and intelligence analysts are expected to remain in the country.

The US troops were deployed to northeastern Nigeria in February following an agreement between Washington and Abuja to strengthen cooperation against terrorist groups. The deployment followed US airstrikes in Nigeria’s Sokoto State in late December 2025, which President Donald Trump described as “powerful and deadly” strikes against Islamic State targets. Nigerian officials confirmed at the time that the country had provided intelligence for those strikes as part of ongoing security collaboration with the US. According to a US official who spoke to Reuters in February, approximately 200 American soldiers were sent to train Nigerian forces combating extremist groups, augmenting a smaller number of US personnel already on the ground. The deployment came amid pressure from Washington on Nigeria to act against militants in the country’s northwest, following Trump’s criticism that Nigeria had failed to protect Christians from attacks. The focus of the mission was on intelligence support, training, and counterterrorism operations, rather than establishing a permanent US combat presence in Nigeria.

READ ALSO:

US and Nigerian officials have described the relatively small deployment as highly effective, particularly in improving intelligence sharing and supporting operations against Islamic State militants. The mission culminated in May with a major operational success. On May 15, US and Nigerian forces carried out a joint operation that killed Abu Bilal al-Minuki, described by US officials as the “global number two” leader of the Islamic State. Nigerian President Bola Tinubu confirmed the operation, stating that joint forces had struck al-Minuki’s residence in the Lake Chad Basin, killing the wanted militant and several of his deputies. Trump praised the mission as “carefully planned and extremely complex,” adding that the US had informants tracking al-Minuki’s movements. Following al-Minuki’s death, on May 17, Nigerian and US forces conducted multiple airstrikes in northeastern Borno State, killing more than 20 Islamic State militants who had been observed gathering and moving in the area. The US Africa Command stated that no American or Nigerian personnel were injured in those strikes, and that the operations had weakened the group’s ability to threaten US and allied security. US officials have described the Nigeria deployment as a potential model for future American security operations in Africa, based on a smaller and temporary military footprint focused on specific objectives. The operation against al-Minuki significantly weakened the group’s leadership in Nigeria and beyond, according to military assessments.

Despite the reported gains, terrorist attacks and other forms of insecurity have continued across Nigeria. Recent weeks have seen deadly assaults by gunmen in multiple parts of the country, as well as attacks on military installations in the northeast. The wider security situation encompasses a complex mix of threats, including attacks by Boko Haram and Islamic State West Africa Province, banditry, kidnappings, communal violence, and other armed conflicts. Nigeria has repeatedly maintained that the country’s insecurity is complex and cannot be attributed to a single cause. While the US withdrawal is underway, military cooperation between Washington and Abuja is expected to continue through intelligence sharing and training provided by the smaller US teams that remain in Nigeria.

US to Withdraw 200 Troops from Nigeria as Counterterrorism Mission Winds Down

News

This Is Not Christian Genocide – NSCIA, Says Borgu Attacks Show Nigeria Bleeds from All Sides

Published

17 hours ago

August 28, 2026

Trends Admin

This Is Not Christian Genocide – NSCIA, Says Borgu Attacks Show Nigeria Bleeds from All Sides

Nigeria’s top Islamic body says the attack on Muslim worshippers counters claims of Christian genocide, urging a collective national response to terrorism.

The Nigerian Supreme Council for Islamic Affairs (NSCIA) has condemned in the strongest terms the terrorist attacks on four communities in Borgu Local Government Area of Niger State, where worshippers observing Jumu’at prayers were killed, injured, and abducted. The Islamic body also used the incident to challenge narratives that frame Nigeria’s security crisis as a genocide against Christians, arguing that the savagery against Muslims demonstrates the need for a unified national response.

The attacks, which occurred on Friday, August 21, 2026, affected Gbeji (Gidan-Zana), Kpenya, Giyan Gbasu and Dekara communities. In a statement issued on Wednesday and signed by its Public Affairs Officer, Abbas Jimoh, the NSCIA described the attacks as “heinous and barbaric.” The Council, under the leadership of its President-General and Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, expressed deep distress that terrorists invaded the communities, unleashing violence and terror on defenceless residents.

The attack on Dekara was particularly disturbing, as assailants reportedly entered the Central Mosque while Muslims were observing Jumu’at prayers and abducted more than 60 people. According to the NSCIA, about 30 people were reportedly killed, while several others sustained injuries, some of them said to be life-threatening. Residents confirmed that terrorists simultaneously invaded Juma’at mosques in Dekara, Kpenya, Gbezhin and Sabon-Gida, whisking away dozens of worshippers. The Council added that dozens of victims were still being held captive, with the terrorists later releasing a video showcasing the captives and calling on survivors to identify their loved ones.

READ ALSO:

The NSCIA considers the deliberate invasion of a mosque during Jumu’at prayers and the abduction of worshippers a heinous assault not only on innocent Nigerians but also a grievous attack on the sanctity of worship and the fundamental right of citizens to practise their faith without fear. The council argued that the incident showed the complexity of insecurity in the country and challenged narratives that portray the violence as being exclusively targeted at Christians. “This horrendous savagery against innocent Muslims observing the Jumu’ah prayer also points to the factual error that the insecurity in parts of the country is genocidal against Christians, which would hinder the much needed collective efforts to tackle the scourge,” the NSCIA declared.

The council questioned the ability of security agencies to prevent terrorists from repeatedly targeting vulnerable settlements, asking: “For how long will innocent Muslims in particular and Nigerians in general continue to be abducted and slaughtered in their communities while terrorists operate with such audacity?” According to the council, the latest attack was reportedly the third major attack on Dekara and neighbouring communities in recent times, with previous attacks forcing residents to abandon their ancestral homes and seek refuge in other communities in Niger and Kwara states and even across the border in the Republic of Benin.

The NSCIA also expressed concern that the latest incident occurred barely three weeks after security forces reportedly rescued 308 abducted persons from the Kainji Lake National Park forest. On August 5, 2026, Nigerian security forces rescued 163 persons abducted from Woro in Kaiama Local Government Area of Kwara State and 145 persons from communities in Borgu Local Government Area of Niger State, including Kasuwan Daji, Konkonso and Pissa. The council said the rescue operation demonstrated what security forces could achieve when adequate resources, intelligence, coordination and political will were available. However, the renewed attacks raise deeply troubling questions about the reversal and sustainability of the gains made.

READ ALSO:

The NSCIA consequently urged the Federal Government to move beyond what it described as episodic rescue operations and develop a permanent, intelligence-driven and community-centred security architecture. It called for an immediate review of security arrangements in Niger and Kwara states, particularly communities around the Kainji Lake National Park and forest corridors allegedly being used by terrorists. The Council noted that Niger State Governor Umaru Mohammed Bago had previously admitted that terrorists had taken over the Kainji National Park, from where they launch incessant attacks on communities within the Borgu kingdom. The NSCIA also demanded the immediate mobilisation of all available resources to locate and rescue every person still held captive following the August 21 attack, stressing that the rescue of these victims must be treated as an urgent national priority.

The council further urged security agencies to intensify aerial surveillance, intelligence gathering, early-warning systems and coordinated ground operations, insisting that forests and other difficult terrains being used as sanctuaries by terrorists must no longer be treated as inaccessible spaces. It called on state governments, traditional rulers, religious leaders and local communities to strengthen cooperation with security agencies and protect residents who provide actionable intelligence. The Council also advocated the proper regulation and integration of community vigilante structures operating within the law into broader early-warning and community-protection mechanisms.

Furthermore, the NSCIA called on President Bola Ahmed Tinubu, the National Security Council, the Ministry of Defence, the Ministry of Interior and other relevant security agencies to treat the Borgu attacks as a national emergency requiring coordinated intervention. President Tinubu has already directed the Armed Forces, the Nigeria Police Force, the Department of State Services, and all relevant security and intelligence agencies to launch a coordinated rescue operation for the victims still in captivity, stating that “those who carried out this cowardly attack on defenceless Nigerians are enemies of peace and enemies of humanity, who will not go scot-free.” The Inspector General of Police has deployed a senior officer to coordinate the rescue efforts in collaboration with other security agencies.

Survivors of the attack are reportedly battling life-threatening injuries, with some having been brutally slaughtered rather than shot. The NSCIA extended condolences to families of those killed, prayed for the recovery of the injured and expressed solidarity with families whose loved ones remain in captivity. “We also stand in solidarity with the families whose loved ones remain in captivity and urge them not to lose hope,” it said. “Nigerians have every right to demand security, justice and accountability from those entrusted with protecting them.” The council also urged Muslims in Niger State and across the country to remain steadfast in their faith: “Let us be resolute and not be subdued by terror.”

“This Is Not Christian Genocide”: NSCIA Says Borgu Attacks Show Nigeria Bleeds from All Sides

News

Nigeria’s External Reserves Hit $53.11bn, Nearing 17-Year Record High

Published

18 hours ago

August 28, 2026

Trends Admin

Nigeria’s External Reserves Hit $53.11bn, Nearing 17-Year Record High

Nigeria’s foreign reserves climb to $53.11 billion, the highest in 17 years, as CBN reforms and oil earnings boost dollar inflows.

Nigeria’s external reserves have surged to $53.11 billion as of August 24, 2026, marking the highest level in more than 17 years and bringing the country within touching distance of its all-time record. Data from the Central Bank of Nigeria (CBN) shows that the reserves are now just $142 million short of the historic peak of $53.25 billion recorded on January 12, 2009. This milestone represents a significant recovery in the country’s external liquidity position and reflects the impact of recent policy reforms.

The reserve accumulation has gathered significant momentum since mid-2026, with the CBN data revealing a consistent upward trend. On June 3, 2026, reserves stood at $49.96 billion, but by July 3, they had increased to $51.53 billion. The reserves crossed the $52 billion mark on July 27 and climbed further to $52.86 billion by August 21, before reaching $53.11 billion on August 24. This represents a gain of approximately **$3.15 billion** between June 3 and August 24, underscoring the acceleration in dollar inflows over the past three months.

The sustained buildup in reserves has been supported by several factors, beginning with stronger oil earnings. Higher crude oil prices have boosted Nigeria’s primary source of foreign exchange, and the country’s oil export earnings have benefited from favourable market conditions, providing additional dollar liquidity. However, experts caution that this dependence on oil revenues remains a potential vulnerability if prices decline. In addition to oil earnings, the CBN‘s policy reforms have played a crucial role. Under Governor Olayemi Cardoso, the Central Bank has implemented a series of reforms over the past 34 months that have helped restore investor confidence and attract capital inflows. These include the unification and increased transparency of the foreign exchange market, banking sector recapitalisation to strengthen the resilience and competitiveness of Nigerian banks, the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking services, the deployment of the B-Match system for foreign exchange trading, and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks. Speaking at a recent CBN Fair, Cardoso noted that the reforms have led to measurable results, including a narrowing of the gap between the official and Bureau de Change rates to below two per cent. Furthermore, the reforms have renewed investor confidence, attracting foreign portfolio inflows into the economy, and while much of these inflows have been into short-term instruments like Treasury bills, they have nonetheless provided support for the reserves by increasing dollar liquidity in the foreign exchange market.

READ ALSO:

A stronger reserve position has several implications for the Nigerian economy, starting with an enhanced external buffer. At $53.11 billion, Nigeria’s reserves provide a larger cushion against external shocks and support the country’s capacity to meet its foreign obligations, which is particularly important for managing periods of heightened dollar demand and stabilising the currency. The current reserve level also offers more than **11 months of import cover**, substantially exceeding the international benchmark of three months, providing greater confidence in the country’s ability to finance essential imports. Additionally, the reserve buildup has coincided with relative stability in the foreign exchange market; the naira closed at **N1,343.59 to the dollar** on August 26, 2026, with foreign exchange market turnover at about **$235.99 million**. The reserve accretion also reflects improved macroeconomic management and supports the CBN’s broader objectives of containing inflation and promoting price stability, with headline inflation easing from 15.93 per cent in May to 15.91 per cent in June 2026 and further moderation expected.

While the reserve milestone is cause for optimism, analysts stress the importance of ensuring that the accumulation is sustainable, with the key test being whether the buildup is driven by stable and diversified sources of foreign exchange rather than temporary factors. Dr Jerry Igwilo, Chief Executive Officer of Nisela Capital Limited, noted that while higher crude oil prices have supported dollar earnings, the durability of the reserve accumulation would remain tied to oil revenues, capital inflows, and broader foreign exchange market conditions. Similarly, EBC Financial Group has warned that Nigeria’s reserves remain vulnerable to volatile portfolio inflows and the country’s continued dependence on oil, noting that much of the increase recorded recently has been driven by cyclical factors that could reverse if market conditions deteriorate. Analysts and experts have highlighted several factors that will be critical for sustaining the reserve buildup, including strengthening non-oil exports to diversify foreign exchange sources, attracting more foreign direct investment rather than just portfolio inflows, maintaining investor confidence in the naira and broader macroeconomic environment, implementing policies that support long-term economic growth and diversification, and ensuring consistent access to foreign exchange at market rates.

The $53.11 billion reserve position places Nigeria within touching distance of its 2009 peak, marking a significant strengthening of the country’s external liquidity position. For businesses, stronger reserves and improved FX liquidity could provide greater confidence around dollar availability, particularly for companies that depend on imported raw materials, machinery, and other inputs. For investors, a stronger external reserve position can help reduce concerns around currency liquidity and improve confidence in the naira and broader macroeconomic environment. However, as the CBN and policymakers look ahead, the focus must remain on ensuring that the reserve accumulation is supported by sustainable dollar inflows rather than temporary factors, and on implementing policies that promote long-term economic resilience and diversification.