US signs agreement with Nigeria to return $23m Abacha loot 

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The United States (US) government has signed an agreement with the Federal Government of Nigeria to return $23 million of the General Sani Abacha loot.

According to the Attorney-general of the Federation and Minister of Justice, Abubakar Malami, SAN, who signed the agreement on behalf of the federal government, said the money was part of the looted stolen funds traced to former Military President, Sani Abacha.

The AGF, in his speech shortly before signing the agreement, said the recovered assets, which were made possible with the cooperation of the governments of United States and United Kingdom would be used in the infrastructural development of the country.

He said, “The forfeited Mecosta/Sani assets were subsequently transferred to the NCA, which on February 7, 2022, held that the sum of $23,439,724, pending the execution of the asset return agreement between the FRN and the USA.

Mr Malami added that, “the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.

Wakadaily gathered that Nigeria has in the past recovered several other tranches of the Abacha loot. “In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.

“Also In 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland.

Speaking at the signing ceremony, Mary Leonard, US ambassador to Nigeria, said: “The US department of justice and the FBI seized these funds in response to General Abacha and his associates’ violation of US laws when they laundered these assets to the US and into accounts in the UK.

“These actions were a flagrant breach of the Nigerian people’s trust. But today is the result of an extensive and high level corporation between the US, UK and the federal republic of Nigeria to make the Nigerian people whole.

“This agreement is also a kind of collaboration that our government must continue in order to right the wrongs committed under the previous regimes.”

 

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Queen Ferry
Queen Ferry
Chinyere Treasure Ikechukwu also known as Queen Ferry, is a Nigerian business Executive, social media savvy Journalist and Content Editor with over seven years experience. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not researching/blogging, she will be making delicious delicacy.

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