U.S. Warns Nigeria To Use $300m Abacha Loot For Public Project Or Return It

However, the U.S. Justice Department highlighted the claw back provision in a response to a query from an American senator who was questioning the prudence of returning the cash to Nigeria.

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U.S. Warns Nigeria To Use $300m Abacha Loot For Public Project Or Return It - SurgeZirc NG
President Muhammadu Buhari and Late Gen. Sani Abacha / Photo credit: Whistler

The United States authorities have warned Nigerian leaders to use the $300m General Sani Abacha stole it returned to the country for public projects as agreed before the fund was released to them or be ready to return it.

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The U.S. Justice Department said the money must be channeled to the agreed public projects as highlighted in the agreement that was signed before the fund was returned to Nigeria.

The United States and the British dependency of Jersey jointly agreed with the Nigerian Government in February to return the $300m Abacha stole while he was the Head of State from 1993 to 1998 according to Reuters.

However, the U.S. Justice Department highlighted the claw back provision in a response to a query from an American senator who was questioning the prudence of returning the cash to Nigeria.

“Should any of the parties — including the United States —conclude that any of the returned funds had been used for an ineligible expenditure, a “claw-back” provision would then obligate the FRN (Nigeria) to replace fully any such improperly diverted monies,” the letter read.

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There was no clue as to who the money will be returned to in the case of misuse. But the provision follows as Nigeria continues efforts to reclaim all money that was stolen by late General Sani Abacha.

Abacha’s loot has been estimated to be about $5bn according to Transparency International.

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Jark
Jark
2 years ago

They will definitely steal all the money, but if they had sense that money would have been enough to give the country stable electricity and good just to mention one of their deficiencies.