U.S., Jersey sign $300 mln Abacha loot repatriation deal with Nigeria

Published 04/02/2020, 15:26
Updated 04/02/2020, 15:27
U.S., Jersey sign $300 mln Abacha loot repatriation deal with Nigeria

By Libby George

LAGOS, Feb 4 (Reuters) - The United States and the British

dependency of Jersey have agreed with Nigeria to repatriate more

than $300 million in funds stolen by former military ruler

General Sani Abacha, the three governments said.

Abacha ruled Nigeria, Africa's biggest oil producer, 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.

He was never charged with corruption during his life and

Nigeria has been fighting for years to recover the money.

Companies linked to the Abacha family have gone to court to

prevent repatriation, alleging infringement of their rights to a

fair trial.

The governments of Nigeria, Jersey and the United States

said in a statement they had entered into an asset recovery

agreement to repatriate forfeited assets to Nigeria.

The Nigerian government pegged the total amount at $321

million.

The funds were laundered through the U.S. banking system and

then held in bank accounts in Jersey in the name of Doraville

Properties Corporation, a British Virgin Islands company, and in

the name of the son of the ex-military ruler, they said.

"This agreement has culminated in a major victory for

Nigeria and other African countries as it recognizes that crime

does not pay and that it is important for the international

community to seek for ways to support sustainable development

through the recovery and repatriation of stolen assets,"

Nigerian Attorney General Abubakar Malami said.

Nigeria has been working with governments around the world

in recent years on an asset recovery scheme to help repatriate

its stolen funds to boost its finances.

The government did not state how much in total it believes

Abacha stole. As at 2013, Nigeria had recovered about $1.3

billion of Abacha's money from various European jurisdictions,

with more than a third of that from Switzerland.

The Swiss government in 2017 said it would return to Nigeria

about $321 million in assets seized from Abacha's family via a

deal signed with the World Bank.

Abacha's laundering operation extended to the United States

and European jurisdictions such as Britain, France, Germany,

Switzerland, Lichtenstein and Luxembourg, the statement said.

His family, which has never admitted nor denied that funds

were stolen, could not be reached for comment and their present

whereabouts were not known.

In a separate news release, the U.S. Department of Justice

said it is is seeking to enforce forfeiture judgments for

approximately $30 million in assets located in Britain and more

than $144 million in France.

In 2014 a U.S. court forfeited the money as property

involved in the illicit laundering of the proceeds of corruption

arising in Nigeria during the five years when Abacha was head of

state. Negotiations for repatriation commenced in 2018.

The funds would be administered by Nigeria's sovereign

wealth fund and would be used to develop road infrastructure,

that will boost supply chain connections and economic growth,

Malami said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.