Abacha loot: US to return $480 million to Nigeria

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
backed 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.

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