US Govt Agreed to Return $23m Abacha Loot

The Government of Nigeria and the United States have reached an agreement on the return of over $23 (about N16 billion) million of the Abacha loot.

The agreement signing ceremony was held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami on Tuesday as reported by Channel Tv.

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

The fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge, Malami said.

The Federal Government of Nigeria has in the past recovered several other tranches of the Abacha loot, which are proceeds believed to have been diverted from public coffers by the military administration of General Sani Abacha in the 1990s. 

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

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

About US $23 million will be return to the Nigeria confer under President Buhari's administration.

FOB News