Another Abacha $319m Loot Found In France And UK

Another $319m Abacha Loot Found In France And UK

The United States Embassy in Nigeria has said that a further $319m ( N121bn ) of late General Sani Abacha loot was in France and the United Kingdom.

The embassy in a statement said that $167m in stolen assets is split between France and the UK while another $152m was in Britain.

The release of the $152m is being argued in court however.

The statement said, “The funds returned last week are distinct and separate from an additional $167m in stolen assets also forfeited in the United Kingdom and France, as well as $152m still in active litigation in the United Kingdom.”

The litigation is over a 2003 agreement reached between Kebbi State governor, Atiku Bagudu, and the Nigerian Government.

According to the deal, $100m of the $152m will come to Bagudu.

He had allegedly decided to help the Nigerian Government trace the money if he was allowed to retain $100m.

According to court records, the President Muhammadu Buhari administration in 2018 confirmed its commitment to return the allotted funds to the former senator.

This move has made the US and UK governments unwilling to return the stolen assets back to Nigeria.

Abacha is estimated to have lodged $5bn of public funds in different foreign bank accounts during his time as Nigeria’s military dictator.

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