In a bombshell revelation that has reignited debate over Nigeria’s democratic journey, former Jigawa State Governor and ex-National Secretary of the defunct Social Democratic Party (SDP), Sule Lamido, on Tuesday alleged that the annulment of the historic June 12, 1993 presidential election was orchestrated by the military to evade a N45 billion debt owed to the presumed winner, Chief Moshood Kashimawo Olawale Abiola.
Lamido made the statement during the public presentation of his autobiography, “Being True to Myself,” held in Abuja. He asserted that the military’s decision to nullify the freest and fairest election in Nigeria’s history was not just political, but financial.
According to Lamido, the debt stemmed from contracts executed by Abiola’s firm, International Telephone and Telecommunication (ITT), under the Ministry of Communications during the military regime of the late Gen. Murtala Mohammed. After Murtala’s assassination in 1976, the military reportedly refused to honour the contract obligations. When Abiola later won the 1993 presidential election, Lamido said the ruling junta feared that allowing him to assume power would compel them to pay the massive debt, which they believed could plunge the nation into bankruptcy.
“When Murtala died, Abiola came in with a claim of about N45 billion. The military high command said no. He lobbied the Emirs, who appealed to the military to pay. They still refused,” Lamido revealed. “They cancelled June 12 because they feared he would demand his money if sworn in.”
Lamido further appealed directly to President Bola Tinubu through the Minister of Information and National Orientation, Mohammed Idris Malagi, who represented the President at the event.
“Please tell the President to pay the Abiola family the N45bn. That is the only way to finally close the June 12 chapter,” he pleaded.
He cited a private meeting with former military ruler, Gen. Ibrahim Babangida, who allegedly confirmed both Abiola’s electoral victory and the debt owed to him.
“Abiola was doubly punished—denied the presidency and denied what was legitimately owed him,” Lamido lamented.
Also speaking at the launch, former President Olusegun Obasanjo called on Nigerian statesmen like Lamido not to retire from public service. He praised Lamido’s contribution as Foreign Affairs Minister during his administration, highlighting his role in restoring Nigeria’s global reputation after years of military rule.
“Nigeria is not where it should be. Our job is not done,” Obasanjo said. “Lamido served with dedication and helped reposition our foreign policy.”
Representing President Tinubu, Minister Malagi lauded the autobiography as a valuable political memoir and reaffirmed the administration’s commitment to national progress.
“President Tinubu welcomes constructive criticism. We know the path is tough, but we are seeing early signs of economic stability,” he stated.
The launch also featured notable figures from Nigeria’s political landscape, reflecting Lamido’s enduring influence. Among the dignitaries were former Vice Presidents Atiku Abubakar and Namadi Sambo; ex-Senate Presidents Ken Nnamani and Pius Ayim; Labour Party’s Peter Obi; and several sitting and former governors including Muhammadu Yahaya (Gombe), Umar Namadi (Jigawa), Caleb Mutfwang (Plateau), and Gabriel Suswam (Benue).
Former INEC Chairman, Prof. Attahiru Jega, representing General Abdulsalami Abubakar, who chaired the occasion, encouraged more Nigerian leaders to document their roles in shaping the country.
“This book is a step toward preserving Nigeria’s political history. Others must follow suit,” Jega advised.
In his closing remarks, Lamido expressed gratitude to attendees and reiterated the need for truth and justice in Nigeria’s democratic evolution.
As the June 12 narrative continues to shape national discourse, Lamido’s explosive claim may further pressure the federal government to formally address Abiola’s legacy—not just with symbolism, but with financial restitution.