NIGERIA TO REPATRIATE N108 BILLION ABACHA LOOT FROM AMERICA, SAYS PRESIDENT BUHARI

The record has it that the $300 million was traced to bank accounts in the United States of America (USA) and Jersey, an Island notorious for its lax tax avoidance regulations.

“The US$300 million recently identified as part of the Abacha money-laundering case, would be returned to Nigeria. The Federal Ministry of Justice is working with the U.S. Department of Justice to conclude a memorandum of understanding to expedite the repatriation of these funds.”

Penpushing further reports that, Transparency International estimated over $5 billion was stolen during the administration of late military dictator, under Sani Abacha between 1993 and 1998, while  Nigeria had received over $2 billion of the plunder banked in several foreign entities since 1999.

 “In June 2018, I assented to the Mutual Assistance in Criminal Matters Act, to provide a domestic legal framework for obtaining international assistance in criminal matters,” Buhari  said in the broadcast to the nation.

Penpushing also reports that, the President said the new law had strengthened law enforcement agencies with adequate abilities to investigate financial crimes.