There is
hope for Nigeria that it will soon draw down $480 million (N153.6 billion)
looted by fraudulent Nigerians and warehoused in the United States of America.
Mr. Abubakar Malami- Attorney General of the Federation
The optimism stems from a recent comparison of notes between top US and Nigerian officials on the looted funds, which were spread in many banks and commercial ventures in America. The Attorney General of the Federation, Abubakar Malami, confirmed to the media over the weekend, that there had been an appreciable progress between officials of the two nations over the repatriation of the cash to Nigeria.
The optimism stems from a recent comparison of notes between top US and Nigerian officials on the looted funds, which were spread in many banks and commercial ventures in America. The Attorney General of the Federation, Abubakar Malami, confirmed to the media over the weekend, that there had been an appreciable progress between officials of the two nations over the repatriation of the cash to Nigeria.
Malami, Minister of Justice, explained that the
decision to return the funds followed his recent visit to the US in company of
acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim
Magu, during which they met with the Department of Justice and other relevant
agencies over the matter. “The money that is due for immediate repatriation is
$480 million (N95b) and we are confident that we have reached a point that it
will be drawn down before long,” the minister said. We learned that the
US had, however, given Nigeria some undisclosed conditions to meet before the
money would be drawn down, apparently to prevent a repeat of what happened with
such funds during previous administrations.
The Abacha cash is said to have
been revealed, following the forfeiture hearings against the family and others
conducted by the US Department of Justice, DoJ, over the years to track the
funds from different banks and entities. The proceedings made it possible for
the Abacha family and its associates to forfeit over $550 million and £95,910
in 10 accounts and six investment portfolios linked to them in France, Britain,
British Virgin Islands and the United States. On efforts so far made to stem
looting in Nigeria, Malami said: “I can tell you that the Buhari administration
is leaving no stone unturned in ensuring that all looted Nigerian funds are
retrieved and those found to have aided and abetted same brought to justice to
serve as a deterrent to potential looters.’’ [Vanguard]
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