U.S. signs agreement with FG to return $23m Abacha loot

August 24, 2022
12 Views

United States (US) government has signed an agreement with the Federal Government to repatriate $23 million Abacha loot to Nigeria.

The agreement was signed, yesterday, at the office of Abubakar Malami, Minister of Justice and Attorney General of the Federation (AGF).

In his speech, Malami said the decision to return the stolen funds, which is tagged, ‘Abacha-5’, was a product of series of negotiations and meetings between Nigeria, the US Department of Justice and the United Kingdom (UK) National Crime Agency.

The AGF said: “It is worthy to note that, in line with the terms of this agreement, Mr. President had already approved the funds to be utilised for the ongoing Presidential Development Infrastructural Funds (PIDF), projects namely: AbujaKano Road, LagosIbadan Expressway and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA).”

Speaking at the signing ceremony, Mary Leonard, US Ambassador to Nigeria, said: “The Department of Justice and the Federal Bureau of Investigation seized these funds in response to General Abacha and his associates’ violation of US laws, when they laundered these assets to the US and into accounts in the UK.

“These actions were a flagrant breach of the Nigerian people’s trust. But today is the result of an extensive and high-level cooperation between the US, UK and the Federal Republic of Nigeria to make Nigerian people whole.

“This agreement is also a kind of collaboration that our government must continue in order to right wrongs committed under the previous regimes.

“Combined with $311.7 million seized and repatriated, with the assistance of the Bailiwick of Jersey and the government of Nigeria in 2020, this repatriation brings the total amount of funds repatriated in this case by the US to more than $334.7 million.”

The US ambassador noted that the funds would be used to complete infrastructural projects earlier mentioned by the AGF.

She added: “In other words, these recovered criminal proceeds, like the $311.7 million previously seized and repatriated, will be transformed into a visible and impactful representation of the possibilities of government assets that directly improve the lives of average Nigerians.

“The US government is keenly aware of the devastating impact corruption has on societies. Corruption erodes trust and the ability of governments to deliver to their citizens. It distorts the economies and access to key services. It hinders development, pushes citizens towards extremism and makes countries and their officials susceptible to malicious foreign interference.”

You may be interested

For How Long Is My Motor Insurance Policy Valid?
Business
5 shares74 views
Business
5 shares74 views

For How Long Is My Motor Insurance Policy Valid?

Webby - September 12, 2022

When purchasing auto insurance, you can tailor many aspects, including the types of coverage you select, the amount of your…

Bukka Hut Clarifies Brand’s Ownership
Politics
5 views
Politics
5 views

Bukka Hut Clarifies Brand’s Ownership

Webby - September 29, 2022

The Board, Management and Staff of Bukka Hut have urged media platforms to refrain from disseminating unverified and inaccurate information…

Adamu’s letter to Tinubu is APC-NWC’s position, officials insist
News
25 views
News
25 views

Adamu’s letter to Tinubu is APC-NWC’s position, officials insist

Webby - September 29, 2022

By Omeiza Ajayi, AbujaAn official of the All Progressives Congress, APC, has insisted that the letter said to have been…

Kochure – Nigeria’s Fast-growing Crypto App Begins Expansion With New Innovative Features
Business
Business

Kochure – Nigeria’s Fast-growing Crypto App Begins Expansion With New Innovative Features

Webby - September 29, 2022

Kochure, Nigeria’s leading Crypto trading app has begun a groundbreaking to expand its features and presence to other parts of…

Leave a Comment

Your email address will not be published.