The US embassy in Nigeria says another $319m (N121bn) looted
by Sani Abacha, former military dictator, is in the United Kingdom and France.
This comes three days after Nigeria repatriated $311 million
Abacha Loot from the US and the Bailiwick of Jersey.
In a statement on Wednesday, the US embassy revealed that
there is a separate $167 million in stolen assets in France and another $152
million in the UK which is still subject to litigation.
“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,” the
statement read.
According to a report by Bloomberg, the UK is challenging
the return of the funds to Nigeria due to the alleged plan of the federal
government to transfer $110 million out of the money to Atiku Bagudu, Kebbi
state governor.
“The U.S. Department of Justice says Bagudu was involved in
corruption with Abacha,” the report stated
According to the repor, the federal government is seeking
the approval of a UK court to take possession of the assets before transferring
seventy percent of the proceeds to Bagudu under the terms of an agreement
signed in 2018.
However, the AGF has since denied the allegations stating
that that Bagudu’s assets are not covered under the agreement which the federal
government signed to recover funds looted by Abacha.
An estimate of $5 billion is said to have been stolen from
Nigeria during Abacha’s five-year rule.
While previous Nigerian governments have repatriated
billions of dollars looted by Abacha, who died in office in 1998, Buhari’s
administration has said it is prevented from assisting the US’ ongoing
forfeiture efforts by an agreement between Bagudu and the Obasanjo’s government
in 2003.
The 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.
In return, the government dropped all outstanding civil and
criminal claims against him.
Bagudu was elected a senator in 2009 and the governor of
Kebbi six years later.
Five years after the US launched fresh forfeiture
proceedings against him, Bagudu and the Buhari administration struck a new
accord in October 2018 to transfer ownership of the investment portfolios to
the Nigerian state, which would immediately pay 98.5 million euros to the Kebbi
governor and his affiliates.
Bloomberg said the terms of the updated settlement cannot be
implemented while Nigeria’s application in a UK court is pending and a freezing
order is still in place, according to a motion by Ibrahim Bagudu, who is
entitled to a $100,000 annuity from the funds and is contesting the US
confiscation efforts.
Meanwhile, the US has said the $311 million that was
returned to Nigeria last week must be used by the for infrastructural
development.
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