US: Fresh $319m Abacha Loot in UK, France

The US embassy in Nigeria says another $319m (N121bn) looted by Sani Abacha, former military dictator, is in the United Kingdom and France.

This comes three days after Nigeria repatriated $311 million Abacha Loot from the US and the Bailiwick of Jersey.

In a statement on Wednesday, the US embassy revealed that there is a separate $167 million in stolen assets in France and another $152 million in the UK which is still subject to litigation.

“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 statement read.

It is not clear if the funds in the UK are related to Atiku Bagudu, Kebbi state governor, who was a financial adviser to the Abacha family.

According to a recent report by Bloomberg, the UK is challenging the repatriation of some funds to Nigeria on the allegation that the federal government was planning to return $110 million to Bagudu.

“The U.S. Department of Justice says Bagudu was involved in corruption with Abacha,” the report stated

According to the report, the federal government is seeking the approval of a UK court to take possession of the assets before transferring 70 percent of the proceeds to Bagudu under the terms of an agreement signed in 2018.

However, the AGF has since denied the allegations stating that that Bagudu’s assets are not covered under the agreement which the federal government signed to recover funds looted by Abacha.

An estimate of $5 billion is said to have been stolen from Nigeria during Abacha’s five-year rule.

Meanwhile, the US has said the $311 million that was returned to Nigeria last week must be used for infrastructural development.