Home Uncategorized Happening Now: US set to return $23 Abacha looted

Happening Now: US set to return $23 Abacha looted

UNITED STATES OF AMERICA Signs Agreement With Nigeria To Return $23m Abacha Loot

 

The agreement signing ceremony was held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami on Tuesday.

Mr. Malami  represented Nigerian government in agreement signing , U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the United  states of American government.

This is not the first time that Nigeria have been able to recover funds looted by Abacha , Nigeria has in the past recovered several which a have been diverted from public coffers by the military administration of General Sani Abacha in the 1990s.

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

Other times funds were recovered from abachs loot were in

 

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

In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.

 

“In 2014, U.S. District Judge John D. Bates for the District of Columbia entered a judgment ordering the forfeiture of approximately $500 million located in accounts around the world, as the result of a civil forfeiture complaint for more than $625 million traceable to money laundering involving the proceeds of Abacha’s corruption,” the statement said.

 

“In 2020, the department repatriated over $311.7 million of the forfeited assets that had been located in the Bailiwick of Jersey.

“Last year, the U.K. government enforced the U.S. judgment against the additional $23 million.”

“This repatriation of $23 million reflects the Justice Department’s unwavering commitment to recover and return corruption proceeds laundered through the U.S. financial system,” said Assistant Attorney General Kenneth A. Polite, Jr. of the US Justice Department’s Criminal Division.