FG, US sign agreement on return of over $23m Abacha loot

The Federal Government and the United States (US) government have reached an agreement on the return of over $23 million of the Late General Sani Abacha loot.

The agreement, which is on the sharing, transfer, repatriation, disposition and management of the said asset, was held in the office of the Minister of Justice and Attorney-General of the Federation, (AGF), Abubakar Malami, (SAN), yesterday. It involves the management of some forfeited assets in relation to MECOSTA/Sani Mohammed Asset, known as Abacha V.

Malami signed on behalf of the Nigerian government and the U.S Ambassador to Nigeria, Mary Beth Leonard, signed on the behalf of the U.S government.

According to the Minister, the funds, when returned, will be invested in three on-going projects by the Federal Government, including the on-going Abuja-Kaduna road and the 2nd Niger Bridge.

Nigeria has in the past recovered several other tranches of the Abacha loot. Recall that in 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland, and in 2020 the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.

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