Abacha loots: Ireland set to return frozen funds to Nigeria
- Ireland has expressed readiness to return late General Sani Abacha loots in its Dublin-based bank
- The plan for the release of the funds €5.5 million (approximately N2.5 billion) was agreed upon after Nigeria initiated the process in 2019
- Over $1 billion said to have been looted by the late Nigerian military leader is now being gradually recovered by the federal government
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The federal government is set to receive another late General Sani Abacha loots as Ireland said it has reached an agreement with Nigeria to return the late military leader's frozen funds.
Abacha, who ruled Nigeria between 1993 and 1998, misappropriated and diverted over $1 billion (N383.4billion) loots to different countries across the world.
Some of the assets have been recovered by Nigeria thanks to the Criminal Assets Bureau (CAB) which took part in an international operation which also uncovered approximately €5.5 million (approximately N2.5 billion) kept by the late military leader in his Dublin-based bank account.
According to This Day, the money which was frozen in October 2014, will now be released following an application by the Nigerian government in 2019 to a High Court, mandating the return of the looted funds subject to a Memorandum of Understanding (MoU) between the two nations.
Source: Getty Images
Speaking on the development, Helen McEnte, minister of justice in Ireland, said the planned return of the fund will validate his country's commitment towards peaceful coexistence among international communities.
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The Memorandum of Understanding (MoU) signed by the two countries is in line with Ireland international obligations as a signatory to the UN Convention Against Corruption.
Earlier, Legit.ng reported that the federal government received $311 million recovered assets of late Nigerian head of state, General Sani Abacha, repatriated from the United States and the Bailiwick of Jersey.
Abubakar Malami, the attorney-general of the federation and justice minister, who confirmed this on Monday, May 4, disclosed that the money was repatriated based on the agreement on international law and cooperation measures.
The AGF further disclosed that the amount increased from over $308 million mentioned in an earlier statement in February to over $311 million as a result of the interest that accrued from February 3 to April 28.
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Source: Legit.ng
