Abacha recovered loot maybe re-looted under current govt  | NN NEWS

Following the United Kingdom’s National Crime Agency (NCA), recovered $23,439,724.98 (N9.7bn) allegedly looted out of Nigeria in the 1990s by the associates and family of former Head of State, General Sani Abacha.

Nigerians have been advised to be on alert of $23.4m Abacha recovered loot on how it would be transferred to the Federal Government.

The recovered looted funds if transferred, are not safe under this current administration, alleged it would be re-looted, a source told NN News, however appealed to NCA to keep it until another administration takes over power.

He continuing, my worry is that, if the funds transferred back to Nigeria, the political class will share it among themselves ahead of 2023 and left the poor masses in the abject poverty.

Recalled that The United Kingdom’s National Crime Agency (NCA) revealed in a communique issued by the NCA on Thursday May 5, 2022.

According to a statement, the funds form part of a larger pool of monies identified by the United States Department of Justice (USDOJ) as having been misappropriated by Abacha and his associates.

The NCA also stated that the intelligence about the fund was through a report from the USDOJ and it took them seven (7) years of protracted litigation and international negotiation to obtain the recovery order, to enforce the US forfeiture order relating to the recovered monies.

The fund has now been transferred to the Home Office for onward transmission to the USDOJ.

The Asset Denial Senior Manager of the NCA, Billy Beattie, assured that the NCA is committed to ensuring that the UK is not a safe haven for criminals to launder their proceeds of crime.

“The NCA is committed to ensuring that the UK is not a safe haven for criminals to launder their proceeds of crime, and civil recovery of assets is a powerful weapon in this fight.

“We work closely with UK and international partners to tackle the threat posed by corruption, which disproportionately impacts the poorest and most vulnerable members of society. We are committed to ensuring that those who perpetuate corruption do not benefit from their actions,” she said.

The NCA stated further that the Abacha loot case is ongoing with further monies having been identified by the USDOJ as having also been misappropriated by Abacha and his associates.

NN News further learnt that, Nigeria in the past have received the Abacha loot recovered by the UK, United States of America (USA), Switzerland and other countries.

During the General Abdulsalami Abubakar era in 1999, $750million was recovered while $1.2 billion was recovered in 2002; $149 million repatriated from Jersey Island, UK in 2003; $500 million recovered in 2004 from Switzerland, and another $458 million recovered in 2005 from Switzerland, all under former President Olusegun Obasanjo’s administration.

Former President Goodluck Jonathan’s administration also saw the recovery of $1 billion in 2012 and $380 million in 2015 respectively, both tranches from Switzerland.

Similarly, Liechtenstein and the United States repatriated the sum of $227 million and $48 million respectively in 2014 during Jonathan’s administration.

In 2020, during the administration of President Muhammadu Buhari, $311 million Abacha loot was repatriated to Nigeria from the United States and the Bailiwick of Jersey.

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