Nigeria to repatriate N108 billion Abacha loot from U.S. – Buhari

Former Head of State, Sani Abacha
Former Head of State, Sani Abacha

President Muhammadu Buhari on Saturday said efforts to repatriate another tranche of $300 million in Abacha loot had reached an advanced stage with the United States government.

The president said a memorandum of understanding would be ratified by both countries to return the trapped fund back to Nigeria. The $300 million was traced to bank accounts in the U.S. and Jersey, an island notorious for its lax tax avoidance regulations.

“The US$300 million recently identified as part of the Abacha money-laundering case,” would be returned to Nigeria, Mr Buhari said in his Independence Day broadcast on Saturday morning. “The Federal Ministry of Justice is working with the U.S. Department of Justice to conclude a memorandum of understanding to expedite the repatriation of these funds.”

Transparency International estimated over $5 billion was stolen under Sani Abacha’s dictatorship between 1993 and 1998. Nigeria had received over $2 billion of the plunder banked in several foreign entities since 1999.

Mr Buhari also said several partnerships were being entered with other countries to “combat tax evasion, smuggling, terrorism and illicit financial flows.”

“In June 2018, I assented to the Mutual Assistance in Criminal Matters Act, to provide a domestic legal framework for obtaining international assistance in criminal matters,” the president said.

He said the new law had strengthened law enforcement agencies with adequate abilities to investigate financial crimes.

Nigeria attained its independence from Britain on October 1, 1960, joining a new wave of free nations across Africa and Asia of that era. The freedom significantly reduced the influence of Britain as a world power, as it marked a critical point in the winding down of centuries of colonialism.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.