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Tuesday, September 27, 2022

#JUST IN: Nigeria Set To Secure Fresh N9.69bn ($23m) Abacha Loot From US

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The Federal Government is set to receive fresh N9.69bn ($23m) looted by late General Sani Abacha following the signing of an asset recovery agreement by the Federal Republic of Nigeria and the Government of the United States of America.

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, August 23, 2022.

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.

According to Mr Malami, 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.

Nigeria in the past have received the Abacha loot recovered by the UK, United States of America (USA), Switzerland and other countries.

During the General Abdulsalami Abubakar era in 1999, $750million was recovered while $1.2 billion was recovered in 2002; $149 million repatriated from Jersey Island, UK in 2003; $500 million recovered in 2004 from Switzerland, and another $458 million recovered in 2005 from Switzerland, all under former President Olusegun Obasanjo’s administration.

Former President Goodluck Jonathan’s administration also saw the recovery of $1 billion in 2012 and $380 million in 2015 respectively, both tranches from Switzerland.

Similarly, Liechtenstein and the United States repatriated the sum of $227 million and $48 million respectively in 2014 during Jonathan’s administration.

In 2020, during the administration of President Muhammadu Buhari, $311 million Abacha loot was repatriated to Nigeria from the United States and the Bailiwick of Jersey.

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