US to return $23m Abacha loot to Nigeria

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The United States Government has signed an agreement with the federal government to return over $23 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, Abubakar Malami on Tuesday.

While 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.

Speaking at the signing event, Malami explained that the repatriated funds will be invested in three infrastructural projects by the federal government which are the ongoing Abuja-Kaduna road, 2nd Niger Bridge as well as the Lagos Ibadan Expressway.

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.

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.



Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.


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