USA Agrees to Return $480 million Abacha Loot

The United States of America has agreed to send back to Nigeria about $480 million believed to have been looted by the late Head of State, Gen. Sani Abacha and his family.

The agreement was reached after a meeting between the Department of Justice and the Attorney-General of the Federation, Abubakar Malami (SAN), along with the Acting Chairman of the Economic and Financial Crimes Commission( EFCC), Mr. Ibrahim Magu.

A source in the Ministry of Justice revealed that both parties are finalising the finer points of the agreement as the US is keen that the funds be put to judicious use in Nigeria.

“This is the largest loot ever traced to a former Nigerian public officer in the U.S.,” said the undisclosed source.

“The DOJ, the AGF and the EFCC have concluded all the talks; we are in the process of repatriation of the $480million.

“Although there are interventions from private lawyers, the DOJ prefers a government-to-government deal.

“ I can tell you that the funds will soon be repatriated. If there is anything left, it has to do with the conditions which the US will attach to the utilisation of the funds.

“The US is likely to advise on specific areas to spend the funds on and the project monitoring mechanisms. It does not want the cash re-looted.”

The US Department of Justice had in the last few years initiated forfeiture proceedings against the Abachas, leading to the recovery of over $550million and £95,910 in 10 accounts and six investment portfolios across Europe and America.

The family of the late Head of State are said to be cooperating with the Federal Government even as the EFCC continues the probe of £22.5m (N6.18billion) allegedly stashed away by the late General in the Island of Jersey.

Also, it was revealed that the days of hiding stolen funds in the US may be over with the establishment of a Kleptocracy Unit by the Department of Justice whose job it is to keep tabs on Political Office Holders and other public officers in Nigeria and other countries.