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The United States Department of Justice (DoJ) confirmed it has transferred over $20.6m to the Federal Government of Nigeria as part of the repatriation of assets stolen by late dictator, General Sani Abacha, and his co-conspirators.
How it happened: This is in accordance with the agreement signed by both the U.S and Nigerian government on August 23, 2022.
This was contained in a statement published on the DoJ website on Thursday, November 17, 2022, which also added that the fresh repatriation has brought the total amount forfeited and returned by the U.S. in this case to approximately $332.4m.
Why this is important: Recall that, back in 2002, the department repatriated over $311.7m of the forfeited assets that had been locked away in the Bailiwick of Jersey.
Meanwhile, the United Kingdom enforced the U.S. judgement against additional $20.6m last year.
The statement read: ‘’The United Kingdom’s cooperation in the investigation, restraint, and enforcement of the US judgment, along with the valuable contributions of Nigeria and other law enforcement partners around the world, including the United Kingdom’s National Crime Agency, as well as those of the Justice Department’s Office of International Affairs, have been instrumental to the recovery of these funds.
‘’Under the agreement signed in August, the US agreed to transfer 100 per cent of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorised by Nigerian President, Major General Muhammadu Buhari (retd.) and the Nigerian legislature.
‘’The $20,637,622.27 marks a slight reduction from the $23m announced in August due primarily to exchange rate fluctuations between British pounds sterling and US 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.
The DoJ also expressed appreciation for the extensive assistance rendered by the governments of the United Kingdom, Nigeria, Jersey, and France in the investigation.
The department added hat the case was brought under the Kleptocracy Asset Recovery Initiative by a team of dedicated prosecutors in the Criminal Division’s Money Laundering and Asset Recovery Section working in partnership with the Federal Bureau of Investigation.
The U.S. therefore urged individuals to provide credible information about possible proceeds of foreign corruption located in or laundered through the U.S. to the federal law enforcement or send an email to kleptocracy@usdoj.gov.
What you should know about Abacha loot: Following a civil forfeiture complaint filed on more than $625m traceable to money laundering involving the proceeds of Abacha’s corruption, the District of Columbia in 2014 ordered the forfeiture of approximately $500m located in accounts around the world.
Recall Abacha became Head of State through a military coup on November 17, 1993, and held that position until his death on June 8, 1998.
Meanwhile, the forfeited assets represents corrupt monies laundered during and after his regime.
According to the complaint filed, it was alleged that the late General's son, Mohammed, their associate and now Kebbi State Governor, Abubakar Bagudu, and others, embezzled, misappropriated, and extorted billions of dollars from the government coffers and others, and then laundered their criminal proceeds through US financial institutions and transactions.