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Court prevents FG from spending Abacha $300m loot

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Loot
Oba Darasimi

The Federal Government will not spend a dime from the repatriated $300 million allegedly looted by the late Head of State, General Sani Abacha, until further notice after the Federal High Court, Abuja stopped Nigeria from taking further steps towards appointing a consultant for the monitoring and implementation of the funds.

The $300 million loot was repatriated to Nigeria through a tripartite agreement between United States of America and Bailiwick of Jersey.

Nigeria government, the United States Government and the Bailiwick of Jersey entered into a tripartite agreement for the implementation of the $300m loot with a view to appointing a consultant that will monitor the process.

Part of the agreement also stipulated that the funds would be used as part of the funding for the completion

Nigeria government, the United States Government and the Bailiwick of Jersey entered into a tripartite agreement for the implementation of the funds with a view to appointing a consultant that will monitor the process.

Part of the agreement also stipulated that the funds would be used as part of the funding for the completion of the Second Niger Bridge, the Abuja – Kano dualisation and the Lagos – Ibadan Expressway.

PPP Advisories Consortium, one of the firms that applied for the prequalification for the consultancy work, approached the court after it lost out in the bidding process, saying the exercise was fraught with irregularities.

Justice Inyang Ekwo who halted the process specifically ordered all parties to the suit to maintain Status Quo Ante Bellum and not take any steps whatsoever to affect the res (the subject matter of disputes before his court).

The Federal Government had  sent out an invitation for consultants to submit proposals to the Federal Ministry of Justice, whereupon, the claimant PPP Advisories Consortium was among the 4 prequalified firms among the 17 firms that responded to the request for prequalification.

After the evaluation of the financial proposals of the four prequalified consultants, the claimants PPP Advisories Consortium claimed to have secured the highest combined Technical and Financial score and therefore insisted it ought to have been awarded the contract instead of Cleen Foundation which got the least combined Technical and Financial score among the four prequalified consultants

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