Reuters AlertNet Lite - Nigeria uses Abacha loot for development-World Bank

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Nigeria uses Abacha loot for development-World Bank

22 Dec 2006 18:58:31 GMT
Source: Reuters

WASHINGTON, Dec 22 (Reuters) - Nigeria has used $505 million it won back from former dictator Sani Abacha to lift development across the country, the World Bank said on Friday after reviewing how the money was being spent.

A Swiss court agreed in February 2005 to repatriate the stolen fortune from bank accounts held by the Abacha family on Swiss soil. It was the fist time looted funds had been returned to an African country. Abacha died in June 1998.

As part of the deal, Nigeria agreed to spend the money on key development sectors, and to cooperate with the World Bank in monitoring how the money was being used.

"Of the 51 projects reviewed, 23 were described as completed, 26 were at various stages of completion, and two were described as stopped," the Bank said in a statement.

"All 23 completed projects were described as functioning, with varying levels of utilization," the Bank said.

The projects were chosen at random and 168 people were interviewed, including those working on them and people who stand to benefit.

The Bank also said that scrutiny of federal spending on infrastructure between 2003 and 2005 suggested a considerable increase in public investment, thanks in large part to the returned Abacha millions.

"A significant portion of the overall increase could be attributed to additional funds made available under the repatriation program," it said.

World Bank President Paul Wolfowitz has made fighting corruption a central part of his mission.

The projects spanned roads, power, health, education and water and were located in all six of the country's geopolitical regions, the Bank said.

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Last updated:Fri Dec 22 19:00:57 2006