Former SPIP Chairman Reveals Inaction on $69 Billion Oil Money Recovery

In a startling disclosure, Okoi Obono-Obla, the former Chairman of Nigeria‘s Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) during President Muhammadu Buhari‘s administration, has raised concerns over the government’s inactivity in reclaiming an estimated $69 billion linked to stolen crude oil proceeds in a Texas-based bank account.

The revelation was made on the Mic On Podcast by Seun Okinbaloye, where Obono-Obla shared details of a letter from an American law firm outlining the illicit funds.

Expressing frustration at the lack of decisive action, Obono-Obla lamented the failure of Nigerian authorities to take tangible steps towards recovering such a massive sum, despite his efforts to inform the President.

Highlighting the discouraging response from authorities, he cited the dismissive attitude of the Attorney General, Abubakar Malami, SAN, when he brought up the issue of a $69 billion recovery.

During his tenure with SPIP, Obono-Obla pointed out systemic failures in addressing corruption allegations, noting that many cases remained unresolved despite presenting concrete evidence and initiating legal proceedings.

The accusations have reignited public scrutiny on Nigeria’s anti-corruption efforts and the government’s commitment to ensuring accountability and transparency in public governance.

SPIP was established in 2017 to combat embezzlement and recover misappropriated funds, with critics now questioning the effectiveness of such initiatives given the unresolved $69 billion saga.

The controversy surrounding Obono-Obla further escalated in August 2019 when he was suspended by President Buhari over allegations of falsification of records and financial impropriety, sparking a broader debate on the anti-corruption drive in the country.