Federal Govt, US Sign Agreement On Return Of Another $23m Abacha Loot

Federal government has signed an agreement with the United States of America (USA) on the return of Mecosta/Sani Mohammed assets, otherwise referred to as Abacha V.

The attorney-general of federation and minister of justice, Abubakar Malami (SAN) who signed the agreement on behalf of the federal government, said the money was part of the looted funds traced to the late head of state, Gen. Sani Abacha.

Part of the Abacha loot to be returned to Nigeria, according to the US government, is $23,439,724.

The US government was represented at the ceremony by its Ambassador to Nigeria, Mary Leonard.

Malami disclosed that both countries arrived at this stage after several negotiation meetings between the representatives of the Federal Republic of Nigeria, the United States Department of Justice (USDOJ) and the United Kingdom (UK) National Crime Agency (NCA).

The AGF expressed his gratitude towards the efforts of the US government and the UK 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 recalled that since 2016, the FMOJ, the UK NCA and the USDOJ have been working closely with the legal representatives of the FG to finalize litigations 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.

Malami disclosed that the forfeited Mecosta/Sani assets were subsequently transferred to the National Crime Agency, which on 7th February, 2022, held the sum of $23,439,724 pending the execution of the asset return agreement agreed between the FRN and the USA.

Following the court order, Malami said the FRN and the USA have negotiated and finalized 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 utilized for the on-going Residential Development Infrastructure 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.

The AGF therefore urged the US not to relent in supporting Nigeria’s commitment to the speedy, transparent management of returned assets.

On her part, the US representative said the country’s Department of Justice and the Federal Bureau of Investigation seized the funds in response to General Abacha and his associates’ violation of US laws when they laundered these assets through the US and into accounts in the United Kingdom.

“These actions were a flagrant breach of the Nigerian people’s trust, but today is the result of an extensive and high-level corporation between the US, the UK and the Federal Republic of Nigeria to make the Nigerian people whole.

“This agreement is also a kind of collaboration that our government must continue in order to right the wrongs committed under the previous regimes, combined with a $311.7m seized and repatriated with the assistance of the Bailiwick of Jersey and the government of Nigeria in 2020.

“This repatriation brings to the total amount of funds repatriated in this case by the US to more than $334.7 million. As a result of today’s agreement, $23 million will be transferred to the Nigerian Government, which through the Nigerian Sovereign Investment Authority, NSIA, will use the funds to continue the construction of three key infrastructural projects located in strategic economic zones throughout the country – The 2nd Niger Bridge, Lagos-Ibadan Expressway and the Abuja-Kano Road,” she said.