FG and US Agree to Return Abacha’s $308 Million Loot to Nigeria
On Monday, February 3, the United States of America and the Nigerian government signed an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria.
The confiscated funds, which were laundered through the US banking system and held in bank accounts in Jersey in the name of Doraville Properties Corporation, a BVI company, and in the name of the son of former Head of State of Nigeria, General Sani Abacha, are set to be returned.
The negotiations for the repatriation, transfer, disposition, and management of the assets commenced in 2018 between the governments of the Federal Republic of Nigeria, United States of America, and the Bailiwick of Jersey.
The expected beneficiaries of this repatriation are the people of Nigeria, as the funds were forfeited...