News
Stolen $2bn: Report exposes Abacha looting machinery, strategies
- 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”.
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News
MSSN Commends Rescue of Abducted Oyo Students, Urges Sustained Fight Against Insecurity
MSSN Commends Rescue of Abducted Oyo Students, Urges Sustained Fight Against Insecurity
The Muslim Students’ Society of Nigeria (MSSN) has commended the successful rescue and release of students who were abducted in Oyo State, describing the development as a major relief to the victims, their families, schools, and the nation at large.
In a statement issued by its National Headquarters in Abuja, the society praised the coordinated efforts of security agencies and government authorities that led to the students’ freedom, saying the operation underscored the importance of effective collaboration in tackling insecurity.
MSSN specifically lauded the Nigerian Armed Forces, other security agencies, and all individuals involved in the rescue mission for their courage, professionalism, and commitment to protecting lives.
According to the society, the successful operation reflects the dedication and sacrifice of security personnel who continue to work under difficult conditions to safeguard Nigerians.
The organisation also expressed appreciation to the Federal Government and the Oyo State Government for their cooperation and support throughout the rescue operation, urging both administrations to sustain efforts aimed at ensuring that Nigerians can live, work, and pursue education in a safe environment.
While celebrating the students’ release, MSSN paid tribute to teachers and security personnel who reportedly lost their lives during the operation to rescue the victims and restore peace.
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The society described the deceased as heroes who made the ultimate sacrifice in service to the nation and called on the Federal Government to honour them with appropriate national awards in recognition of their bravery, patriotism, and selfless service.
It also prayed for Allah’s mercy upon the deceased and comfort for their families.
MSSN stressed that the successful rescue should strengthen Nigeria’s resolve to confront insecurity across the country, particularly around schools and vulnerable communities.
The society called on the Federal Government to intensify security measures to protect educational institutions, noting that every Nigerian child deserves access to education without fear of abduction or violence.
The organisation further appealed to the government and security agencies not to relent until all students and other innocent Nigerians still being held captive, particularly those abducted in Borno State, Kwara State, and other parts of the country, are rescued and reunited with their families.
It urged authorities to deploy all available resources to secure the unconditional release of those still in captivity.
Reaffirming its commitment to national development, MSSN pledged continued support for lawful initiatives aimed at promoting peace, national unity, security, and quality education.
The society also encouraged Nigerians to cooperate with security agencies by providing credible intelligence and supporting collective efforts to address the country’s security challenges.
The statement was jointly signed by the 38th National Amir of MSSN, Engr. Mustapha Tajudeen Olumide, and the 38th National Public Relations Officer, Mallam Moshood Abiola Olatunbi.
MSSN Commends Rescue of Abducted Oyo Students, Urges Sustained Fight Against Insecurity
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News
ACF hails 19 Northern governors for launching Northern Nigeria Security Trust Fund
ACF hails 19 Northern governors for launching Northern Nigeria Security Trust Fund
The Arewa Consultative Forum (ACF) has commended the 19 Northern governors for establishing the Northern Nigeria Security Trust Fund (NNSTF), describing the initiative as a landmark regional response to the growing security challenges confronting Northern Nigeria.
The forum said the creation of the trust fund demonstrates the governors’ commitment to complementing the efforts of federal security agencies in tackling terrorism, banditry, kidnapping, cattle rustling, communal violence and other criminal activities that have continued to threaten lives, livelihoods and economic development across the region.
In a statement issued in Kaduna on Friday, Chairman of the ACF Board of Trustees, Bashir Dalhatu, said the initiative reflects a shared understanding among Northern leaders that insecurity can only be addressed through sustained collaboration, adequate funding, innovation and stronger partnerships between governments, security agencies, traditional institutions and local communities.
Dalhatu described the trust fund as a strategic intervention that would mobilise additional financial resources to strengthen regional security architecture and improve the operational capacity of security agencies working across the North.
According to him, years of insecurity have inflicted enormous human and economic costs on the region, forcing thousands of residents to flee their communities, disrupting farming activities, discouraging investments, affecting interstate commerce and slowing overall economic growth.
He stressed that restoring peace remains critical to achieving food security, improving agricultural productivity, creating employment opportunities and attracting both local and foreign investments to Northern Nigeria.
The ACF chairman expressed confidence that the Northern Nigeria Security Trust Fund would enhance intelligence gathering, surveillance operations, operational logistics, communication systems and the deployment of modern security technologies needed to combat emerging security threats.
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He added that the initiative would also strengthen community-based security mechanisms, improve coordination among security agencies and provide assistance to victims of attacks, while supporting ongoing efforts to restore peace in troubled communities.
Dalhatu congratulated members of the newly inaugurated Board of Trustees of the trust fund, expressing optimism that they would provide transparent, accountable and effective leadership in managing the initiative.
He specifically congratulated the Co-Chairmen of the board, Yayale Ahmed and retired General Martin Luther Agwai, describing them as accomplished public servants whose extensive experience in governance, public administration and national security would strengthen public confidence in the management of the fund.
He urged the governors to sustain the political will that gave birth to the initiative by ensuring prudent utilisation of resources, strict accountability and transparency in all financial transactions.
According to him, the trust fund must remain focused on its core objectives of protecting lives and property, supporting security operations, rebuilding communities devastated by violence and creating an enabling environment for sustainable economic and social development.
“The people of Northern Nigeria deserve to live peacefully, cultivate their farms without fear, carry out legitimate businesses safely and travel freely across the region without constant security concerns,” Dalhatu said while reaffirming the forum’s commitment to supporting credible efforts aimed at ending insecurity.
The ACF’s endorsement follows the formal inauguration of the Northern Nigeria Security Trust Fund by the Northern States Governors’ Forum (NSGF) in collaboration with the Northern Traditional Rulers’ Council during a high-level meeting held at the Sir Kashim Ibrahim House in Kaduna.
At the meeting, the 19 Northern governors unanimously approved a monthly contribution of ₦1 billion from member states to finance the trust fund and strengthen regional efforts to combat insecurity. The governors explained that the initiative would complement federal security operations through improved intelligence sharing, enhanced logistics, technological surveillance and stronger collaboration among states in addressing cross-border criminal activities.
The governors also reiterated the need for broader security reforms, including improved policing, enhanced intelligence coordination and greater investment in modern security infrastructure to address evolving threats across the region.
Security experts and stakeholders have welcomed the initiative, describing sustainable funding, regional collaboration and community participation as essential components in addressing the complex security challenges facing Northern Nigeria. They, however, stressed that effective implementation, transparency and accountability would determine the long-term success of the trust fund.
As insecurity continues to affect farming, education, transportation and commercial activities across several Northern states, many residents and development partners are expected to closely monitor the implementation of the initiative and its impact on improving safety, restoring confidence and accelerating economic recovery.
ACF hails 19 Northern governors for launching Northern Nigeria Security Trust Fund
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BREAKING: Kidnapped Oyo Pupils, Teachers Regain Freedom After 55 Days + VIDEO
Kidnapped Oyo Pupils, Teachers Regain Freedom After 55 Days
– Eight Arrested, Several Neutralised
The pupils and teachers abducted from three schools in Oriire Local Government Area of Oyo State have regained their freedom after spending 55 days in captivity, the Presidency has confirmed. The release was announced on Friday evening by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, in a post on his verified X handle: “Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies”. The announcement brought relief to families who had endured nearly two months of agonising uncertainty, with communities across Oyo State celebrating the safe return of their loved ones.
A total of 46 people—comprising 39 pupils and seven teachers—were abducted when gunmen launched simultaneous attacks on Baptist Nursery and Primary School (Yawota) , Community High School (Ahoro-Esinele) , and L.A. Primary School (Ahoro-Esinele) on May 15, 2026. The Defence Headquarters later identified the abductors as dislodged members of Boko Haram, confirming that the terrorists had crossed into Oyo State from the North-East after being displaced by sustained military operations. The kidnapping triggered widespread concern and prompted the Nigeria Union of Teachers (NUT) to declare a statewide strike in Oyo, which was later suspended following assurances from the Oyo State Government on improved security measures.
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In a follow-up post, Onanuga provided further details on the operation, stating that eight of the kidnappers were arrested and are now in DSS custody, while some others were neutralised during the rescue. He emphasised that “there was no quid pro quo in the rescue” and that the kingpin whose release the kidnappers had demanded remains under prosecution for his terrorist activities. The rescue followed months of coordinated operations involving security forces from the Office of the National Security Adviser (ONSA) , the State Security Service (SSS) , the Nigerian Army, and other security agencies, with sources familiar with the operation telling Premium Times that several terrorists were killed during the rescue mission.
The abduction triggered widespread concern, especially after one of the abducted teachers, Michael Oyedokun, was reportedly killed and his execution shown in a disturbing video released by the kidnappers. During the 55-day ordeal, security forces faced significant challenges, with Minister of Defence Christopher Musa revealing that the kidnappers had threatened to kill all the children if troops advanced on their hideout. The abductors were reportedly seeking the release of detained terrorist commanders, including Mahmud Usman (also known as Abu Bara’a or Abbas Mukhtar) and his deputy Abubakar Abba (also known as Isah Adam or Mahmud Al-Nigeri), both senior members of the Jama’atu Ansarul Muslimeena Fi Biladis Sudan (Ansaru) faction of Boko Haram.
Following their release, one of the rescued teachers expressed gratitude to President Bola Tinubu and security agencies in a video shared by the Presidency. The teacher praised the security operatives involved in the operation, saying: “Every security operative tried so much and that is why we are still alive now”. The Oyo State Government has previously denied claims of ransom payment, describing such reports as “false, misleading and a deliberate attempt to misinform the public”. As of the time of this report, full details of the rescue operation—including where the victims were found—remain unclear. Authorities are expected to provide further information in the coming hours as investigations continue into the circumstances surrounding the 55-day captivity ordeal.
One of the rescued teachers in Oyo sends a thank you message to President Tinubu and the security agencies. pic.twitter.com/bGeuhvWH7F
— Bayo Onanuga, OON, CON (@aonanuga1956) July 10, 2026
BREAKING: Kidnapped Oyo Pupils, Teachers Regain Freedom After 55 Days
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