The United States Embassy has announced the discovery of another $319 million looted by former Military Head of State, Sani Abacha, which is being held in the United Kingdom and France.
According to a recent statement from the U.S Embassy, made available to Bloomberg, there is a separate $167 million in stolen assets in France, with another $152 million in the UK, and these funds are ‘still in active litigation.’
This is in addition to the recently recovered $311 million looted funds from the US and the Bailiwick of Jersey.
There is yet no mention of whom these funds might be linked to, although a recent report indicates that the UK is challenging the repatriation of some looted funds to Nigeria, on the grounds that the Federal Government had plans to return $110 million to Kebbi State Governor, Abubakar Bagudu.
The U.S Department of Justice claims that Bagudu was involved in corrupt activities with Abacha, and that the Nigerian Government had continued to frustrate America’s efforts to recover the laundered monies traced to Bagudu.
“This case illustrates how complex and contentious repatriating stolen assets to Nigeria can be,” said Matthew Page, an associate fellow at London-based Chatham House, and former Nigeria expert for U.S. intelligence agencies.
“Instead of welcoming U.S. efforts, Nigeria’s lawyers appear to be supporting the interests of one of the country’s most powerful families.”
What the government has to say
According to recent filings from the District Court for the District of Columbia in Washington, the Nigerian Government claims that there is a 17-year old agreement which prevents Nigeria from assisting the U.S efforts, as it gives Bagudu unquestioned access to the funds.
The 2003 agreement, which was reached with the President Olusegun-Obasanjo, had Bagudu return $163 million of the laundered money to the Nigerian authorities, in exchange for them dropping all civil and criminal claims against him, “stemming from his involvement in government corruption,” according to a Dec. 23 memorandum opinion by District Judge John D. Bates in Washington D.C.
The District Court filings also show that a forfeiture action has been initiiated by the U.S Government since 2013, to force Bagudu and his family to forfeit several assets left in trust for them, including four investment portfolios held in London.
The inability of the United States and Nigeria to reach an amicable agreement may hinder the recovery of other monies looted by Abacha during his 5-year rule. Over $2 billion has been recovered so far.
