Nigeria receives $311 mln of Abacha loot from United States, Jersey -attorney general

Nigeria receives $311 mln of Abacha loot from United States, Jersey -attorney general

Jersey £241m seizure returned Nigeria

Nigeria recovers part of its former President Sani Abacha looted fund stolen since the 1990s.

Nigeria on Monday confirmed receiving $311 mln from the United States and Jersey decades after the funds were stolen by former military head of state, late General Sani Abacha, the justice minister said.

It was returned by the US following a tripartite agreement between the three nations in February.

The money is part of an estimated $5 billion stolen by the military ruler during his presidency between 1993 and his death in 1998.

As part of the repatriation Jersey will retain $5m (£3.8m) and the US is eligible for the same, the US Department of Justice said.

Jersey’s Attorney General Mark Temple QC confirmed the island had transferred $314,305,568.54 to the US on 2 March

Justice Minister Abubakar Malami said the recovery of the funds “further consolidates” the government’s record on repatriating stolen money, citing an earlier deal with Switzerland that saw $322 million returned in 2018.

It plans to deploy the money into major interstate road projects in Lagos-Ibadan, Kano-Abuja and the completion of an ongoing bridge, the Second Niger Bridge.The money is part of an estimated $5 billion (4.6 billion euros) plundered by military ruler Abacha from 1993 until his death in 1998.

Malami said the $311 million, which included $3 million in interest, had been laundered through the US banking system before being held in bank accounts in Jersey, a British dependency in the Channel Islands.

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