What is it Nigerians have described it as? Never-ending credit alert/pocket money from the former Head of State Sani Abacha.
Well, the credit alert is coming again, as The Cable has reported that a Memorandum of Understanding has been signed between Ireland and Nigeria, with the former to return €5.5 million of Abacha loot to Nigeria.
The loot was said to have been frozen by the Ireland Criminal Assets Bureau under the request of the Goodluck Jonathan-led administration in 2014.
Helen McEntee, Ireland’s Minister of Justice and Equality, said about the loot:
I am very pleased to sign this Memorandum of Understanding between Ireland and Nigeria. This represents the culmination of a long process which began with an internationally led investigation.
The Criminal Assets Bureau took part in this international operation which led to the freezing of over $1 billion in funds worldwide, of which approximately €5.5 million was identified in a Dublin based bank account.
The return of these assets will be the first time that Ireland has taken such action and will be a concrete demonstration of Ireland’s commitment to international cooperation in the fight against corruption and to assisting countries which have been adversely affected by corruption in the past, and is in line with our international obligations as a signatory to the UN Convention Against Corruption.
According to The Cable, $3.6 billion of ‘Abacha loot’ has so far been recovered.