U.S Million’s Abacha Loot in UK Still Under Litigation

THE United State Authorities, has said aside the $311million Abacha loot returned to the Nigerian authorities last week, another separate $152 million was still in active litigation in the UK.

The $152 million cash according to the United States Mission in Nigeria, is distinct and separate from an additional $167 million in stolen belongings also forfeited in the UK and France.

Speaking on the transfer of the funds back to the nation, the US Mission on its verified twitter handle, @USEmbassyAbuja, explained that the transfer of the fund was an necessary first step within the disciplined implementation of the agreement between both nations.

The US Authorities within the statement, mentioned: “On May 1, 2020, the transfer of $311,797,876 from america Authorities to the Nigerian govenment was accomplished in accordance with a February 3, 2020, trilateral agreement among the governments of america, Nigeria and the Bailiwick of Jersey to repatriate belongings the USforfeited that had been traceable to the previous Nigerian dictator, General Sani Abacha and his co-conspirators.

“These funds can be utilized by the Nigeria Sovereign Investment Authority for 3 infrastructure initiatives in strategic financial zones throughout Nigeria, as authorised by the Nigerian authorities.

“The recovered funds will assist finance the development of the Second Niger Bridge, the Lagos-Ibadan Expressway and the Abuja-Kano Highway. These investments will help Nigeria’s financial improvement and profit all the Nigerian individuals. The settlement contains mechanisms for monitoring the implementation of those initiatives in addition to external oversight.

“The funds returned last week are distinct and separate from an additional $167 million in stolen belongings also forfeited in the UK and France, as well as $152 million still in active litigation in the UK.”

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