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

SOUL FOOD: THE POWER OF POSITIVE THINKING.

           image credit: http://shuttershock.com Is it really true that "as a man thinks in his heart so is he?"
9 comments
Read more

Professor Isa Odidi-A True Trailblazer

You cannot help but recognise the genius in Professor Isa Odidi. Thus, Professor Odidi, was conferred a honorary doctorate degree; a Doctor of Science (D.Sc) by the University of Benin in Edo State, Nigeria, West Africa. Excellence does speak and indeed just like the proverbial saying, a lit candle cannot be put under a bushel, but on a candlestick. It's light cannot be hidden. It will shine through, it will lit up everything and everyone around it and those that come in contact with it. Such is the prolific nature of Professor Isa Odidi, a trailblazer, with yet a meek persona.  Professor Odidi's years of hard work and dedication towards making the world a better place via Pharmaceutics, Research and Development, Innovation and Invention, was honoured. Please read below Professor Isa Odidi's citation: UNIVERSITY OF BENIN, BENIN CITY, NIGERIA CITATION 38TH CONVOCATION CEREMONY CONFERMENT OF DEGREE OF DOCTOR OF SCIENCE (D.SC) (HONORIS CAUSA) OF THE UNIVERSITY OF BENIN, BENIN ...
12 comments
Read more

Professor Isa Odidi, Lead Nigerians From The Diaspora, Calls On Atiku Abubakar To Fix Nigeria

On Tuesday, 22 March 2022, Nigerians from the diaspora in a clarion call for a 'FIX' Nigeria, called on His Excellency Atiku Abubakar to join the race for the candidacy for the President of Nigeria under the People's Democratic Party (PDP).                       Nigerians from Diaspora  They came out en mass to support the Atiku Abubakar Presidential bid. There was massive turn out of the crème de la crème. The Nigerians from the diaspora were led by Professor Isa Odidi, the erudite pharmacist, celebrated scientist, distinguished innovator, first-rate technocrat, tireless researcher and consummate entrepreneur. A cross-section of the Nigerians from Diaspora with his Excellency, Atiku Abubakar. They gave their unequivocal support to Atiku Abubakar, stating his wealth of experience in Politicking and his remarkable achievements over the years, especially his years as the Vice President of Nigeria.  They reiterated that ...
11 comments
Read more