FG and US reach agreement on the return of fresh $23.4 million Abacha loot

By Adeleye Kunle

Yesterday, the Federal Government entered into a new agreement with the government of the United States of America, USA, for the repatriation of a total of $23, 439,724 allegedly looted by the late former military Head of State, General Sani Abacha.

While the Nigerian government was represented by the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, at the ceremonial signing of the asset return agreement at the Federal Ministry of Justice Headquarters in Abuja, the US government was represented by its Ambassador to Nigeria, Mary Beth Leonard.

The AGF, Malami, SAN, stated that the decision to return the looted fund, dubbed Abacha-5, was the result of a series of negotiations and meetings between Nigeria, the US Department of Justice, and the UK National Crime Agency, NCA.

He revealed that President Muhammadu Buhari had already directed that “the MECOSTA/SANI MOHAMMED Assets (also known as Abacha V)” be channeled into three key projects upon their repatriation to the country.

“It is worth noting that, in accordance with the terms of this Agreement, Mr. President has already approved the funds to be used for the ongoing Presidential Development Infrastructural Funds, PIDF, projects, namely the Abuja-Kano Road, the Lagos-Ibadan Express Way, and the Second Niger Bridge, all of which are overseen by the 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 organizations so that these three projects can be completed within the agreed-upon timeline,” Malami stated.

He stated that the Federal Ministry of Justice and legal representatives of the Federal Republic of Nigeria had been collaborating with the UK NCA since 2016 to finalize litigations involving assets linked to Abacha.

“Further to the parties’ agreement, the UK High Court granted the NCA a Registration and Recovery Order on July 28, 2021, which was sealed by the court on August 4, 2021.”

“The forfeited Mecosta/Sani assets were later transferred to the NCA, which held the sum of twenty three million, four hundred and thirty nine thousand, seven hundred and twenty four United States dollars ($23, 439, 724) on February 7, 2022, pending the execution of the asset return agreement agreed between the FGN and the USA.”

“Following the court’s decision, the FGN and the United States negotiated and finalized the terms of the asset return agreement,” Malami added.

While thanking the governments of the United States and the United Kingdom for their efforts to ensure that looted funds are recovered and returned to Nigeria, the AGF expressed hope that other pending cases, such as Bayelsa, Galatica, Blue Trust, and Saborne Assets, would be resolved soon with the courts ruling in favor of Nigerian citizens “who are the victims of the stolen assets.”

“As such, I would like to take this opportunity to urge the United States government not to relent in its support for Nigeria’s commitment to the prompt and transparent management of returned assets,” Malami said.

Meanwhile, Ms. Leonard, the US Ambassador to Nigeria, stated in her remarks that her country has so far repatriated stolen funds totaling $334.7 million to Nigeria.

She claimed that the funds were seized by the US Department of Justice and the Federal Bureau of Investigation (FBI) in response to General Abacha and his associates’ violations of US laws when they laundered assets through the US and into accounts in the United Kingdom.

“These actions were a flagrant betrayal of the trust of the Nigerian people.” Today, however, is the result of extensive and high-level cooperation between the United States, the United Kingdom, and the Federal Government.

“This agreement is also the type of collaboration that our government must continue in order to right the wrongs committed by previous regimes, combined with a $311.7 million seized and repatriated in 2020 with the help of the Bailiwick of Jersey and the government of Nigeria.”

“With this repatriation, the total amount of funds repatriated by the US in this case exceeds $334.7 million.”

“As a result of today’s agreement, $23 million will be transferred to the Nigerian Government, which will use the funds to continue construction of three key infrastructure projects located in strategic economic zones across the country through the Nigerian Sovereign Investment Authority, NSIA.”

“In other words, these seized and repatriated criminal proceeds, like the $311.7 million previously seized and repatriated, will be transformed into a visible and impactful representation of the possibilities of government assets that directly improve the lives of ordinary Nigerians.”

“The United States government is acutely aware of the devastation that corruption has on societies.” Corruption erodes trust in governments and their ability to serve their citizens.

“It distorts economies and access to critical services.” It stifles development, drives citizens to extremism, and exposes countries and their officials to malicious foreign interference.

“US law enforcement will continue to deny corrupt actors and their assets safe havens.”

“As a partner deeply invested in Nigeria’s success,” the US Ambassador to Nigeria added, “we will continue to do our part to facilitate the recovery and return of the proceeds of corruption to the Nigerian people.”

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