Nigeria acknowledges return of $311m Abacha loot

The Nigerian Government has acknowledged the receipt of $311 million looted by the late head of state, Gen. Sani Abacha which was repatriated from the United States (US) and the Bailiwick of Jersey.

The Attorney General of Federation and Minister of Justice, Mallam Abubakar Malami, in a statement by his Special Assistant on Media and Public Relations, Dr Umar Jibrilu Gwandu, confirmed that about $311,797,866.11 of the Abacha loot was repatriated from the US and Jersey.

Malami noted that the amount increased significantly from over $308 million indicated in a press statement in February to over $311 million because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.

The Justice Minister emphasized that the litigation process for the return of the national  assets titled “Abacha III” commenced in 2014, while the diplomatic process culminated in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced in 2018.

“This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” Malami had stated.

It was highlighted that the repatriated funds were laundered through the US banking system; deposited in bank accounts in the Bailiwick of Jersey. In 2014, a US Federal Court in Washington D.C. forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the military regime 1993 to 1998 under the leadership of General Abacha.