Nigeria,US Sign Another Agreement To Receive Abacha Loot

Nigeria and the United States government have reached an agreement on the return of over $23 million of the Abacha loot.

The agreement signing was held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami on Tuesday.

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.

Malami said decision to return the stolen loot which he tagged as Abacha-5, was a product of series of negotiations and meetings between Nigeria, the US Department of Justice and the UK National Crime Agency, NCA.

“It is worthy to note that in line with the terms of this Agreement, Mr. President had already approved the funds to be utilized for the ongoing Presidential Development Infrastructural Funds, PIDF, projects namely; Abuja-Kano Road, Lagos-Ibadan Express Way and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority, NSIA

“The President’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organization to compete these three projects within the agreed timeline”, Malami stated.

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.