US returns more $20.6m Abacha loot to Nigeria

The United States Department of Justice has revealed the return of over $20.6 million recovered Abacha loot to the Nigerian government.

The US Dept. of Justice had in a statement on Thursday, indicated that the latest repatriated funds amount to a total of forfeited and returned by the United States to approximately $332.4 million.

The US government noted that the repatriation of the looted funds to  Nigeria is in compliance with an agreement between both governments on August 23  to repatriate assets the United States forfeited from Abacha.

According to the statement: “Under the agreement signed in August, the United States agreed to transfer 100% of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorized by Nigerian President Muhammadu Buhari and the Nigerian legislature.

“The $20,637,622.27 marks a slight reduction from the $23 million announced in August due primarily to exchange rate fluctuations between British pounds sterling and U.S. dollars.

“The funds governed by this agreement will help finance the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano road – investments that will benefit the citizens of each of these important regions in Nigeria.”

It was noted that the agreement included key measures to ensure transparency and accountability, including administration of the funds and projects by the Nigeria Sovereign Investment Authority (NSIA), financial review by an independent auditor, and monitoring by an independent civil society organization with expertise in engineering and other areas.