FG set to repatriate $300m Abacha loot from US

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President Muhammadu Buhari says efforts to repatriate another tranche of $300 million in Abacha loot had reached an advanced stage with the United States government.

The president said a memorandum of understanding would be ratified by both countries to return the trapped fund back to Nigeria. The $300 million was traced to bank accounts in the U.S. and Jersey, an island notorious for its lax tax avoidance regulations.

“The US$300 million recently identified as part of the Abacha money-laundering case,” would be returned to Nigeria, Buhari said in his Independence Day broadcast on Tuesday morning.

“The Federal Ministry of Justice is working with the U.S. Department of Justice to conclude a memorandum of understanding to expedite the repatriation of these funds.”

Transparency International estimated over $5 billion was stolen under Sani Abacha’s dictatorship between 1993 and 1998. Nigeria had received over $2 billion of the plunder banked in several foreign entities since 1999.




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