Nigeria confirms $500 million Abacha loot

The Federal Government, yesterday, met with top officials of the
United Kingdom, United States of America and Jersey to work out
the final modalities for drawing down $500 million Abacha loot
frozen by the American government.
The meeting, which was held at Nigerian High Commission in
London, was attended by Attorney-General of the Federation and
Minister of Justice, Abubakar Malami; Nigeria’s High
Commissioner to the United Kingdom, Justice George Oguntade;
lawyers engaged by Nigeria to recover assets abroad and justice
department officials from the US, UK, and Jersey.
It will be recalled that the US had obtained an international
forfeiture order against the funds stashed away by the late head of
state, Sani Abacha, in many countries following his death; but is
now willing to lift the embargo following series of discussions to
enable Nigeria to repatriate the cash for its use. Malami told
Vanguard in an exclusive interview from London that Nigeria had
agreed to sign a Memorandum of Understanding with the UK, US
and Jersey on the return of the cash to the country.
The Justice Minister said: “At our meeting in London today, we
reviewed the MoU to be signed by Nigeria, US, UK and Jersey and
made collective input into it so that at our next and final meeting in
July we can sign the document and agree on the final draw down
of the money. “Indeed, Nigeria has made tremendous progress
regarding the repatriation of the cash.
Right now, the case filed by a Nigerian lawyer claiming to be
entitled to a huge percentage of the amount from the Abacha loot
has been dismissed by the Appeal Court but he can still appeal if
he wants to. “But our strong conviction is that the money will be
drawn down for the benefit of the country and we are working hard
to ensure that it is done as soon as possible by taking the
necessary legal and diplomatic steps to deal with it,” Malami said.
After the London meeting, Malami proceeded to Switzerland to
have another round of discussion with officials of the Swiss
government in respect of another Abacha loot repatriation.
He did not, however, say how much was involved in the new round
of discussion but confirmed that the $370 Abacha loot, which the
Federal Government earlier negotiated with the Swiss authorities
had since been transferred to the Central Bank of Nigeria.

5 Comments

  1. Hmmmmm bad government

  2. Good work

  3. Wow A lot Of Money

  4. Ok

  5. Good update.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>




Enter Captcha Here :