Just In: US Reach Agreement With FG To Return $23m Abacha Loot

Abacha loot
Sani Abacha

An agreement has been reached between Nigeria and the United States government on the return of over $23 million of the Abacha loot.

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

Malami signed on behalf of the Nigerian government, while the U.S Ambassador to Nigeria, Mary Beth Leonard signed on behalf of the U.S government.

Malami said 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.

In the past, Nigeria has 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.

The US and Jersey had in 2020 also agreed to return over $308 million in confiscated funds to Nigeria.

No less than $723 million in Abacha loot was returned to Nigeria from Switzerland in 2006.

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