Part of the Abacha loot to be returned to Nigeria, according to the US government is $23,439,724.
The Nigerian Government on Tuesday signed an agreement with the United States of America on the return of Mecosta/Sani Mohammed assets, otherwise referred to as Abacha loot.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) signed the agreement on behalf of the Nigerian Government while the US was represented at the signing ceremony by its Ambassador to Nigeria, Ambassador Mary Leonard.
Part of the Abacha loot to be returned to Nigeria, according to the US government is $23,439,724.
Speaking during the signing ceremony on Tuesday, Malami, said the fund was part of the looted funds traced to the late dictator.
According to him, both countries arrived at this stage after negotiations between the representatives of Nigerian government, the US Department of Justice (USDOJ) and the UK National Crime Agency (NCA).
The AGF expressed his gratitude towards the efforts of the US and UK governments in ensuring that looted funds recovered are returned to Nigeria, not only in this instant case but in other pending cases such as Bayelsa, Galactica, Blue Trust and Saborne assets.
Malami, according to Daily Independent, recalled that since 2016, the FMOJ, the UK NCA and the USDOJ have been working closely with the legal representatives of the Nigerian government to finalise litigation related to Abacha-linked assets.
“Further to the agreement between the parties, the UK High Court granted the NCA a Registration and Recovery Order, dated 28 July 2021 and sealed by the Court on 4th August 2021,” the AGF said.
The forfeited Mecosta/Sani assets, AGF said were subsequently transferred to the National Crime Agency, which on February 7, 2022, held the sum of twenty-three million, four hundred and thirty-nine thousand, seven hundred and twenty-four US dollars ($23,439,724) pending the execution of the asset return agreement agreed between Nigeria and the US.
Following the court order, Malami said the Nigerian government and the US have negotiated and finalised the terms of the asset return agreement.
“It is worthy to note that in line with the terms of this Agreement, Mr President has already approved the funds to be utilised for the ongoing Presidential Development Infrastructural Funds (PIDF) projects namely; Abuja-Kano Road, Lagos-lbadan Expressway and the Second Niger Bridge under the supervision of 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 to complete these three projects within the agreed timeline,” Malami stated.
While he appealed to the US government to continue to support the country, the AGF assured that Nigeria was committed to the speedy and transparent management of returned assets.
“As partners in the global effort to promote an effective implementation of the United Nations Convention against Corruption, and against the background of constrained economic resources, I urge you to support us in meeting these critical priorities of the FRN (Federal Republic of Nigeria) by working with us to finish the projects already agreed under the 2020 Tripartite agreement among Nigeria, USA, and the Bailiwick of Jersey for the benefit of Nigeria and its citizens,” Malami said.
Ironically, President Muhammadu Buhari has insisted that Abacha “never stole”, and was not corrupt. But in a tweet on April 27, 2016, Buhari said, “Nigeria is awaiting receipt from Swiss Govt. of $320 million, identified as illegally taken from Nigeria under Abacha.”
According to a report by Vanguard, monies recovered from Abacha’s loot were principally stashed away in four major countries: Switzerland, Jersey Island in the UK, US and Liechtenstein.
It said during Abdulsalami Abubakar’s government in 1999, $750 million was recovered.
During President Olusegun Obasanjo administration between 1999 and 2007, Nigeria recovered $1.2 billion in 2002; $149 million from Jersey Island, UK in 2003; $500 million recovered in 2004 from Switzerland and another $458 recovered in 2005 from Switzerland.
When Goodluck Jonathan was in power, $1 billion was recovered in 2012 and $380 million in 2015, both tranches from Switzerland. It noted that the Jonathan administration also recovered $227 million from Liechtenstein in 2014 and $48 million from the US in the same year.
Buhari government, despite its stubborn denial that Abacha was a corrupt dictator, recovered $322 million from Switzerland in 2017 and $308 million from Jersey Island, UK in February 2020.
In 2014, the Abacha family entered into an agreement, forfeiting several billions of dollars to the Nigerian Government, following plea bargaining to drop charges against the son of the late dictator.