Nigeria to Use New $23m Abacha Loot for 2nd Niger Bridge, Others

August 24, 2022
2nd Niger Bridge

By Adedapo Adesanya

Nigeria and the United States government have reached an agreement on the return of over $23 million in loot embezzled by the late General Sani Abacha.

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.

The country’s attorney general signed on behalf of the Nigerian government while the US Ambassador to Nigeria, Mrs Mary Beth Leonard signed on the behalf of the US government.

According to Mr Malami, 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.

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 the State of 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.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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