Home Economy US agrees to return to Nigeria another $23m of Abacha loot

US agrees to return to Nigeria another $23m of Abacha loot

by Business News Report

United States of America has agreed to repatriate another sum of $23 million the former military head of state General Abacha took out of the nation treasury for his personal use. As a result the federal government of Nigeria and the United States government have reached top level agreement on the return of over $23 million of the Abacha loot. The agreement signing ceremony was held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami in Abuja.

While Mr. Malami signed on behalf of the Nigerian government, the U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the U.S government. According to Mr Malami, the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge. Nigeria has in the past recovered several other tranches of the Abacha loot, which are proceeds believed to have been diverted from public coffers by the military administration of General Sani Abacha in the 1990s.

In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria. In 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland. Unfortunately of all past heads of state in Nigeria only late Abacha is said to have looted the treasury. others who are a life are now financial saints while Abacha loot is ever reverberating.

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