The US Department of Justice, DOJ has handed over to the Federal Government of Nigeria more than $20.6 million as part of the loot linked to former Nigerian military ruler General Sani Abacha and his accomplices.
A DOJ statement on Thursday said that the latest repatriation brings the total sum the US has forfeited and returned in this matter to approximately $332.4 million, Channels Television reports.
Following a civil forfeiture complaint for more than $625 million that could be traced to money laundering by Abacha,
a judgment was entered in the District of Columbia in 2014 ordering the forfeiture of roughly $500 million located in accounts around the world.
Image:Channels Television
Abacha took over power as Nigeria's head of state through a military coup on November 17, 1993, and held that position until his death on June 8, 1998.
The DOJ returned about $311.7 million of the forfeited assets that were found in the Bailiwick of Jersey in 2020. The US judgment against the additional $20.6 million was enforced by the UK authorities last year.
The US government said that the repatriation was in line with an agreement reached between the two governments on August 23 to return the assets that the US had taken from Abacha in forfeiture to support three critical infrastructure projects in Nigeria including the second Niger bridge.
"Under the agreement signed in August, the United States agreed to transfer 100% of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorized by Nigerian President Muhammadu Buhari and the Nigerian legislature.
“The $20,637,622.27 marks a slight reduction from the $23 million announced in August due primarily to exchange rate fluctuations between British pounds sterling and U.S. 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 of each of these important regions in Nigeria,” the statement partly read.
To ensure transparency and accountability, the agreement contains very important provisions such as ensuring that the funds and projects are administered by the Nigerian Sovereign Investment Authority, (NSIA), a review of the financial statements by an independent auditor, and monitoring by an independent civil society organization with expertise in engineering and other areas.
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