Nigeria set to receive Abacha’s loot from Ireland

Ireland gives reasons for returning £5.5m Abacha loot to Nigeria

The Federal Government is set to receive another consignment of late General Sani Abacha’s loots as the Republic Ireland said it has reached an agreement with Nigeria to return the late military dictator’s seized funds. Abacha, who was Military leader of Nigeria between 1993 and 1998, embezzled over $1 billion, scattered across different countries of the world.

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Some of the assets have been recovered by Nigeria due to the efforts of the Criminal Assets Bureau (CAB) which took part in an international operation, uncovering approximately €5.5 million stashed by the late military leader in his Dublin-based bank account.

According to ThisDay, the money, which was frozen in October 2014, will now be released following an application by the Nigerian government in 2019 to a High Court, demanding the return of the looted funds subject to a Memorandum of Understanding (MoU) between the two nations.

The Republic of Ireland is said to be inclined towards returning the looted funds, in line with The Memorandum of Understanding (MoU) signed by the two countries and also with regard to Ireland being a signatory to the UN Convention Against Corruption.

Abubakar Malami, the attorney-general of the federation and justice minister who confirmed this on Monday, May 4, when he said that the money was repatriated on the premise of the agreement on international law and cooperation measures. The AGF also said that the amount increased from over $308 million mentioned in an earlier statement in February to over $311million as a result of the interest that accrued from February 3 to April 28.

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Edidiong-Ronny Ikpoto

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