’97 Boreholes Per LGA’ — What Bagudu’s $110m largesse Can Do For Nigeria - TMnews Magazine Online

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’97 Boreholes Per LGA’ — What Bagudu’s $110m largesse Can Do For Nigeria

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News broke on Friday that the US government has opposed a move by Nigeria to hand over $110 million to Abubakar Atiku Bagudu, the Kebbi state governor.

Bloomberg reported that the money is part of the Abacha Loot to be repatriated.

The Kebbi governor was the investment adviser to Sani Abacha, the late former head of state believed to have looted over $5 billion from the nation’s treasury.

Bagudu’s assets were seized along with Abacha’s because they were considered to be his reward for the “services” he rendered to the military head of state.

Court documents seen by TheCable show that the planned payment is a product of a 2018 agreement between Bagudu and the federal government.

TheCable highlights what the $110 million (equivalent to N33.7 billion at the $1/N306 CBN exchange rate) could otherwise have been spent on in the quest to develop Nigeria.

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