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UPDATE 1-Nigeria receives $311 mln of Abacha assets from United States, Jersey -attorney general

Published 04/05/2020, 16:06
Updated 04/05/2020, 16:12
UPDATE 1-Nigeria receives $311 mln of Abacha assets from United States, Jersey -attorney general

(Adds details on the repatriation)
ABUJA, May 4 (Reuters) - Nigeria has received more than $311
million of funds stolen from the country by former military
ruler General Sani Abacha from the United States and the British
dependency of Jersey, a statement from the African country's
attorney general said on Monday.
The United States and the British dependency of Jersey
agreed with the Nigerian government in February to money that
Abacha, who died in 1998, had stashed in their banks.
The repatriation agreement requires the money go towards
infrastructure projects, and if any of the cash is diverted
Nigeria could be required to replace it. Abacha ruled Africa's largest oil exporter from 1993 until
his death in 1998. Corruption watchdog Transparency
International estimates he stole as much as $5 billion of public
money during that time, though he was never charged with
corruption while he was alive.
Nigeria has been working with governments worldwide in to
repatriate some of the cash and boost its finances. Endemic
graft among the political elite dating back decades has left
most Nigerians mired in poverty, despite the country being
Africa's biggest economy.

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