This Day (Lagos)

8 August 2014

Nigeria: U.S. to Seize U.S.$480 Million of Abacha's Loot

Photo: Premium Times
Late Sani Abacha

The United States of America has won the right to seize and redistribute nearly half a billion dollars hidden in bank accounts around the world by the late Nigerian military dictator, General Sani Abacha, the Department of Justice said yesterday.

Officials said the forfeiture of $480 million, which was authorised by a federal judge in Washington, DC, Wednesday, sets a record for so-called "kleptocracy" actions, US-based television network NBC reported yesterday. The US froze the assets in March.

"Rather than serve his county, General Abacha used his public office in Nigeria to loot millions of dollars, engaging in brazen acts of kleptocracy," said Assistant Attorney General, Leslie Caldwell. "With this judgment, we have forfeited $480 million in corruption proceeds that can be used for the benefit of the Nigerian people."

The forfeited assets, from banks in France, Ireland, the U.K. and the Channel Islands, represent the proceeds of corruption during and after the military regime of Abacha, who became president via military coup on November 17, 1993, and held power until his death on June 8, 1998.

According to a Justice Department press release, "The ultimate disposition of the funds will follow the execution of the judgment in each of these jurisdictions."

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InFocus

Nigeria: More Abacha Loot Traced by U.S.

Late Sani Abacha

More than U.S.$480 million that was hidden in bank accounts around the world by former late dictator Sani Abacha, has been recovered by the United States. Read more »