US exposes fresh $319m Abacha loot in UK, France
The United States has disclosed that there is a separate $319 million (N121 billion) of the late Head of State, Gen. Sani Abacha loot in the United Kingdom and France, barely a week after helping the nation to repatriate $311 million (N118 billion) stolen by the late maximum ruler.
The US Embassy in Nigeria said in a statement on Wednesday that there is $167 million in stolen assets in France while there is a separate $152 million in the UK which is being challenged in court.
The statement read in part, “The funds returned last week are distinct and separate from an additional $167m in stolen assets also forfeited in the United Kingdom and France, as well as $152m still in active litigation in the United Kingdom.”
Bloomberg had reported that the repatriation of the $152 million (now $155 million due to interest) to Nigeria is being challenged by the UK and the US because of alleged plans by the Nigerian government to give $110 million out of the money to Kebbi State Governor, Atiku Bagudu, a known associate of the late Abacha.
Nigeria is seeking the approval of a UK court to take ownership of the assets before returning 70 percent of the proceeds to Bagudu under the terms of a 2018 deal, according to Bloomberg.
Nigeria’s Attorney-General, Abubakar Malami (SAN), has, however, denied ever entering a deal with Bagudu but court papers say otherwise.
The UK government’s National Crime Agency is also “opposing the Federal Republic of Nigeria’s application,” according to a motion filed by Bagudu’s brother, Ibrahim, to the District Court for the District of Columbia in the US capital on March 30.
The US Department of Justice said in February that its Nigerian counterpart is hindering its efforts to recover the allegedly laundered money from the UK.
Bagudu was part of a network controlled by Abacha that “embezzled, misappropriated and extorted billions from the government of Nigeria,” according to the US Department of Justice.
While successive Nigerian governments have repatriated billions of dollars looted by Abacha, who died in office in 1998, the current regime of Major General Muhammadu Buhari (retd.), said it is prevented from assisting America’s ongoing forfeiture efforts by an agreement between Bagudu and a previous government in 2003.
Abacha is estimated to have stolen as much as $5 billion during his five-year rule.
That 2003 settlement, which was approved by a UK court, allowed Bagudu to return $163 million to Nigeria “without admitting to wrongdoing,” according to US court filings.
Bagudu was elected a senator in 2009 and the governor of Kebbi State six years later.
Meanwhile, the US has said the $311 million that was repatriated to Nigeria last week must be used by the Nigeria Sovereign Investment Authority for three infrastructure projects in strategic economic zones across Nigeria, as authorised by the Nigerian government.
The recovered funds will help finance the construction of the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano road, the US said.
The agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight.
