Skip to main content

United States To Return $23 Million Looted Funds To Nigeria


The United States will turn over to Nigeria $23 million taken by former military ruler Sani Abacha, officials said at an event to sign the agreement on Tuesday, CNN reports.

Nigeria has reached several agreements to return stolen cash in recent years. Abacha ruled Africa's most populous nation and top oil exporter from 1993 until his death in 1998, during which time Transparency International estimated that he took up to $5 billion of public money. He was never charged.

US Ambassador Mary Beth Leonard said the cash was in UK accounts but was identified and frozen by US officials. She added that including the latest deal, the United States had agreed to repatriate more than $334.7 million linked to Abacha.

Attorney General Abubakar Malami said the funds would be used for infrastructure projects, including the Abuja-Kano road, the Lagos-Ibadan Expressway, and the second Niger bridge under the supervision of the Nigerian Sovereign Investment Authority (NSIA).

"The president's mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organizations to compete for these three projects within the agreed timeline," Malami.

The US Justice Department has previously said that Nigeria must use money repatriated from funds looted by Abacha on agreed public projects or be forced to "replace" it.

In the past, Nigeria had secured the release of millions of dollars stashed in foreign accounts by the former dictator.

In 2017, the Swiss government released a statement announcing it had reached an agreement with Nigerian authorities and the World Bank on the return of $321 million to the West African country.

The released funds "will strengthen social security for the poorest sections of the Nigerian population," the statement said at the time.

In 2019, authorities in Jersey said they had seized more than $267 million from Abacha's family and associates. The laundered funds recovered from confiscated assets, belonging to the son of the late dictator, Mohammed Abacha, were found in a Channel Islands account held by a shell company.

The stolen funds were recovered and paid into a special recovery fund after a five-year legal battle and were agreed to be shared between the Nigerian government, Jersey, and the US government.

News Source CNN:CNN


Comments

Post a Comment

Type your comments here

Popular posts from this blog

You And Your Health-Why Hair Turns Gray

The Real Reasons Hair Turns Gray, According to Dermatologists. Whether you discovered your first silver strand or you’ve decided to let your natural hair color shine, it’s normal to find yourself wondering, why does hair turn gray? And while we’ve touted ways to embrace and style your gray hair, the science behind why white and gray strands occur is actually quite interesting. We’ve all heard the thought that stress causes gray hair, and in fact, recent studies suggest a link between the two.  But, there are so many more reasons why your locks might be getting lighter. In fact, general aging and even your genes could have a lot more to do with your silver strands than you might think. Underlying health conditions like vitamin deficiency or alopecia could even be a factor. Ahead, we asked dermatologists to explain why hair turns gray, what causes premature graying, and if it’s possible to reverse gray hair. Why does hair turn gray? “Gray hair is really hair with less melanin, what gives
3 comments
Read more

Christmas Is Here Again

Christmas is in the air everyone! It is just a few more days to Christmas, three weeks 'ain't' far...hahahahaha
3 comments
Read more

Man Scales 10 Foot Fence Into Lions Den-Lions Maul Man To Death

A man, described as middle-aged, was mauled to death by a lion after he climbed into a zoo enclosure in the capital, Accra, Ghana. Unfortunately, the man died from his injuries after Sunday's attack, officials report. The Ghana authorities have began investigation on the subject, that has left many in Ghana in awe. Police have commenced an investigation to establish the motive of the intruder and circumstances surrounding the attack. Wildlife authorities suspect he may have planned to steal two rare white lion cubs which have become a big draw since their birth last November. The victim's body was retrieved from the zoo and taken to a local morgue. The Accra Zoo has been temporarily closed to the public following the incident. A lion, a lioness and their two white cubs were in the enclosure when the incident happened. "The lions have cubs so if you come too close they may feel you are trying to take away their babies," Deputy Minister for Lands and Natural Resources B
4 comments
Read more