Nigeria Gets Fresh Additional $23m Abacha Loot From U.S

The United States of America has on Tuesday concluded plans with Nigerian government to return over $23 million of the late General Sani Abacha loot to the country’s Treasury.

Nigeria and the United States government reached the agreement on the return of Abacha loot on Tuesday.

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.

While Mr. Malami signed on behalf of the Nigerian government, the U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the U.S government.

Malami said 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.

The US, in a statement signed by its Department of Justice, said the latest tranche will increase the total amount forfeited to approximately $334.7 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.

“The complaint alleges that General Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others embezzled, misappropriated and extorted billions from the government of Nigeria and others, then laundered their criminal proceeds through U.S. financial institutions and transactions in the United States,” the US DOJ statement said.

“The United Kingdom’s cooperation in the investigation, restraint and enforcement of the U.S. judgement, along with the valuable contributions of Nigeria and other law enforcement partners around the world, including the United Kingdom’s National Crime Agency, as well as those of the Justice Department’s Office of International Affairs, have been instrumental to the recovery of these funds.

The US also noted that the repatriated funds have been earmarked for specific projects to avoid mismanagement.

“Under the agreement signed today, the United States will transfer 100% of the net forfeited assets to the Federal Republic of Nigeria to support three critical infrastructure projects in Nigeria that were previously authorized by Nigerian President Muhammadu Buhari and the Nigerian legislature,” the US said.

“Specifically, the funds governed by this agreement will help finance the Second Niger Bridge, the Lagos-Ibadan Expressway and the Abuja-Kano road – investments that will benefit the citizens of each of these important regions in Nigeria.

“The agreement includes key measures to ensure transparency and accountability, including administration of the funds and projects by the Nigeria Sovereign Investment Authority (NSIA), financial review by an independent auditor and monitoring by an independent civil society organization with expertise in engineering and other areas.

“The agreement also precludes the expenditure of funds to benefit alleged perpetrators of the corruption or to pay contingency fees for lawyers. The agreement reflects the sound principles for ensuring transparency and accountability adopted at the Global Forum on Asset Recovery (GFAR) in December 2017 in Washington, D.C., which the United States and United Kingdom hosted with support from the Stolen Asset Recovery Initiative of the World Bank and United Nations Office on Drugs and Crime.”