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US agrees to return Abacha’s $300m loot to Nigeria

The United States has agreed to repatriate over $300m worth of assets to Nigeria.

According to the US department of justice, the property was stolen by former Nigerian military leader, Sani Abacha and was forfeited following a 2014 complaint.

This alleged that Mr Abacha and his associates embezzled billions from the government of Nigeria, then laundered the money through US financial institutions and by buying American bonds.

The repatriation of the money is part of an agreement between the US, Jersey and Nigeria.

The funds will be used to support three infrastructure projects, including an expressway in the south-west, a road in the north and a bridge in central Nigeria.

Nigeria’s department of justice says it’s still trying to recover an additional $174m dollars from the UK and France.

Mr Abacha came into power through a military coup in 1993 and led the country until his death in 1998.

Source:BBC

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