JUST IN: US to Return Another $23m Abacha Loot to Nigeria

JUST IN: US to Return Another $23m Abacha Loot to Nigeria

JUST IN: US to Return Another $23m Abacha Loot to Nigeria The Nigerian and US governments have reached an agreement on the return of over $23 million in Abacha loot. On Tuesday, the agreement was signed in the office of Mr. Abubakar Malami, Minister of Justice and Attorney General of the Federation. While Mr. Malami

JUST IN: US to Return Another $23m Abacha Loot to Nigeria

The Nigerian and US governments have reached an agreement on the return of over $23 million in Abacha loot.

On Tuesday, the agreement was signed in the office of Mr. Abubakar Malami, Minister of Justice and Attorney General of the Federation.

While Mr. Malami signed on behalf of the Nigerian government, Mary Beth Leonard, the US Ambassador to Nigeria, signed on behalf of the US government.

According to Mr Malami, when the fund is returned, it will be invested in three ongoing Federal Government projects, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.

Nigeria has previously recovered several other tranches of the Abacha loot, which are believed to be proceeds diverted from public coffers.

In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.

In 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland.

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