Deploy $150M Abacha Loot to Youth Dev’t – Joseph Effiong 

 Omolabake Fasogbon

Communication outfit, UpdateAfrika has charged federal government to ensure judicious spending of the $150 million Abach loot by former Nigerian military leader, Gen. Sani Abacha, once it is released by France government.

Managing Director of the company Joseph Effiong, in a session with journalists recently, specifically called for investment in the youth segment once the loot is repatriated. 

The Minister for Europe and Foreign Affairs for France, Ms. Catherine Colonna had earlier disclosed France’s intention to return the loot in response to the request by the Nigerian Ministry of Justice and also to strengthen bilateral relations between the two countries. 

The disclosure by France had since stirred reactions from the populace who are demanding for accountability from government, ahead of fund release. 

Effiong, said government should honour France’s recommendation on deploying the fund to developmental projects and not to allow it spent unaccounted for.

 Effiong who is also a youth advocate implored government to prioritise the youth in its spending plan, considering their role in economic growth and development. 

He maintained that the youth, constituting about 70 percent of Nigeria’s population remained Nigeria’s greatest asset and undoubtedly the highest investment of Nigeria’s socio-economic, political and technological development.

He said government should harness the loot to set up and improve existing youth intervention schemes around education, skills, development, empowerment, employment and technology, amongst others. 

“Overall, investing in these areas will not only benefit Nigerian youths but the entire population, as it will create a favorable environment for economic growth and development”.

He also urged members of the public especially Civil Society Organisations (CSOs) and the media to be on the alert in holding government of the day to account at ensuring that the loot is ploughed back to the economy and not being re-looted.