US to Repatriate $480 Million Abacha Loot – Reports

According to The Nation Newspapers, the United States have agreed to repatriate about $480 million looted by Nigeria’s former head of state, late General Sani Abacha.

The report also stated that the repatriation is as a result of the recent meeting between the US Department of Justice and the Attorney-General of the Federation, Abubakar Malami (SAN) and the Acting Chairman of the Economic and Financial Crimes Commission( EFCC), Ibrahim Magu.

The newspaper also reported that a source said:

This is the largest loot ever traced to a former Nigerian public officer in the U.S. The DOJ, the AGF and the EFCC have concluded all the talks; we are in the process of repatriation of the $480million.

Although there are interventions from private lawyers, the DOJ prefers a government-to-government deal. I can tell you that the funds will soon be repatriated. If there is anything left, it has to do with the conditions which the US will attach to the utilisation of the funds.

The US is likely to advise on specific areas to spend the funds on and the project monitoring mechanisms. It does not want the cash re-looted.

The report also noted that the Department of Justice in the United States now has a Kleptocracy Unit, which will assist in tracking down looted funds by public officials from Nigeria and other countries.