Random Pagan Verse:
It is best for man to be middle-wise,
Not over cunning and clever:
No man is able to know his future,
So let him sleep in peace.

Author Topic: US wins control of half-billion dollars corrupt gains of Abacha?s loot  (Read 333 times)

Offline mastercode (OP)

  • Global Moderator
  • Hero Member
  • *****
  • Date Registered: Jul 2014
  • Posts: 2417
  • Thanked: 8 times
  • Karma: +0/-0
    • View Profile
    • Naijacrux
Loading...


The US Justice Department said Thursday it had won legal control of nearly a half-billion dollars worth of corrupt gains hidden in bank accounts by former Nigerian dictator Sani Abacha.



The department said a court judgment on Wednesday gave it title to more than $480 million that Abacha, who ruled Nigeria from 1993 to 1998, and associates had embezzled and placed in accounts in Jersey, England, Ireland and France.

That took US authorities one step closer to eventually repatriating the money, only a portion of the billions allegedly stolen by Abacha, to Nigeria.

The US is still seeking control over another four Abacha-tied investment portfolios in Britain containing $148 million.

Based on the court judgement, the department will seek to have authorities in those four jurisdictions order banks to transfer the money to it, on the basis that the corrupt funds were originally moved through the US financial system.

?General Abacha and others systematically embezzled billions of dollars in public funds from the Central Bank of Nigeria on the false pretense that the funds were necessary for national security,? the justice department said.

?The conspirators withdrew the funds in cash and then moved the money overseas through US financial institutions.?

An army general deeply involved in Nigerian politics since the 1960s, Abacha ousted a transitional government in 1993 and assumed the role of head of state until he suddenly died in June 1998.

Assistant Attorney General Caldwell branded Abacha?s theft ?brazen acts of kleptocracy? aided by his son Mohammed and his former associate and still-prominent politician Abubakar Atiku Bagudu.

Justice Department spokesman Peter Carr said it was not clear how long it would take to take possession of the funds and give them back to Nigeria.

?Our goal is to repatriate the recouped funds for the benefit of the Nigerian people,? he said.


 

 

Court ​stops Reps from probing ​​Alison-Madueke over N10 Billion Jet scandal

Started by ctytravellink

Replies: 0
Views: 384
Last post December 18, 2014, 09:45:55 AM
by ctytravellink
Nigerian FG recovers N1.6 Billion illegal bank charges from commercial bank

Started by yungcrux

Replies: 0
Views: 9131
Last post May 04, 2018, 01:10:34 AM
by yungcrux
President Buhari approves N400 Billion to settle workers? salaries

Started by internet police

Replies: 0
Views: 243
Last post July 06, 2015, 09:58:28 PM
by internet police
Shocking - President Buhari has spent N1 Billion on Alex Ekwueme so far Ngige

Started by yungcrux

Replies: 0
Views: 358
Last post January 29, 2018, 12:54:24 AM
by yungcrux
Shell donates N2 Billion projects to mark Nigeria?s Centenary

Started by mastercode

Replies: 0
Views: 283
Last post November 03, 2014, 07:38:29 AM
by mastercode
CBN withdrew N100 Billion for Jonathan for 2015 election We have evidence ,FG

Started by legendguru

Replies: 0
Views: 236
Last post March 26, 2018, 07:45:40 AM
by legendguru
PDP bribed Nigerian pastors with N6 Billion to campaign against Buhari

Started by mastercode

Replies: 0
Views: 680
Last post February 04, 2015, 09:54:01 AM
by mastercode
We recovered another $151 million, N8 billion looted funds - Nigerian FG

Started by yungcrux

Replies: 0
Views: 335
Last post February 13, 2017, 09:25:17 AM
by yungcrux
Seven Nigerian governors linked with N19 Billion bank account

Started by yungcrux

Replies: 0
Views: 430
Last post February 20, 2017, 10:34:23 AM
by yungcrux
Nigeria Banks lose N2.19 Billion to fraudsters in 2016 - CBN

Started by Postmaster

Replies: 0
Views: 529
Last post May 31, 2017, 12:36:24 AM
by Postmaster