Abacha Loot: Nigeria, US ink agreement on management of forfeited assets

*Abubakar Malami, Minister of Justice and Attorney–General of the Federation discloses when the United States Government returns the $23 million loot of late Gen. Sani Abacha, the fund will be invested in ongoing Federal Government’s ongoing projects, including Abuja-Kaduna Road and 2nd Niger Bridge

Alexander Davis | ConsumerConnect

In regard to proper utilisation of recovered proceeds of official corruption of certain Nigerian leaders, the Federal Government and the United States (US) Government have reached an agreement on the return of fresh over $23 million of late Gen. Sani Abacha’s loot.

ConsumerConnect reports the agreement signing ceremony was held in the office of Mr. Abubakar Malami, Honourable Minister of Justice and Attorney-General of the Federation (AGF) Tuesday, August 23, 2022, in Abuja, FCT.

Late Gen. Sani Abacha

The Minister signed on behalf of the Nigerian Government while Mary Beth Leonard, US Ambassador to Nigeria, signed on the behalf of the US Government.

Malami stated that the fresh recovered fund, when returned to Nigeria, would be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.

It is recalled that hitherto, the West African country had recovered several other tranches of the Abacha loot, which are proceeds believed by several citizens to have been diverted from public coffers by the military administration of General Abacha in the 1990s.

The US and Jersey, in 2020, also agreed to return over $308million in confiscated funds to Nigeria.

Likewise, in 2006, about the Switzerland also returned $723million in Abacha loot to Nigeria.