The U.S has taken control of $480million which is part of money stolen
by former military
dictator General Sani Abacha, after a court ruling in D.C on Wednesday
August 6th. The U.S Department of Justice will now hand over the stolen
money to Nigerian government, U.S government spokesman said yesterday.
According to court documents, late General Abacha,
his son Mohammed Sani Abacha, their associate
Abubakar Atiku Bagudu and others embezzled, misappropriated, extorted
money from the Nigerian government and stashed them in various banks across the world. Continue...
During investigations, $303
million was found in two bank accounts operated by Abacha and his cronies
in the British offshore center of Jersey while $144 million was also
found in 2 bank accounts they operated in France. Continue...
They also operated three accounts in the UK and Ireland which had at least $27m. Investigations are still being carried out on claims
to another $148 million in four investment portfolios in the UK.
Prosecutors say they laundered funds by buying bonds b
acked by the United States using U.S. financial institutions including banks such as the Deutsche Bank AG,
HSBC Holding Plc and Banque SBA.
Assistant Attorney General, Leslie Caldwell said in the statement “Rather than serve his county, General Abacha
used his public office in Nigeria to loot millions of dollars, engaging
in brazen acts of kleptocracy".
In June 2014, after a 16 year court battle, Nigeria was able to recover
$228 million stolen by Abacha and his associates and deposited in Liechtenstein.
Source: Linda Ikeji
We appreciate you for reading On baze360, but we think it will be better you like our facebook fanpage and also follow us on twitter below.
Title :
Abacha loot: US to return $480million to Nigeria
Description : The U.S has taken control of $480million which is part of money stolen by former military dictator General Sani Abacha, after a court ...
Rating :
5