The United States of America and the Nigerian government on
Monday February 3, signed an Asset Recovery Agreement to repatriate over $308
million of forfeited assets to Nigeria.
The confiscated funds were laundered through the US banking
system and then held in bank accounts in Jersey in the name of Doraville
Properties Corporation, a BVI company and in the name of the son of former Head
of State of Nigeria, General Sani Abacha.
Governments of the Federal Republic of Nigeria, United
States of America and the Bailiwick of Jersey commenced the negotiation of the
procedures for the repatriation, transfer, disposition and management of the
assets in 2018.
It is expected that the money which was forfeited as
property involved in the illicit laundering of the proceeds of corruption
arising in Nigeria from 1993 to 1998 when General Abacha was Head of State by a
U.S. Federal Court in Washington DC in 2014, will benefit the people of Nigeria
as it will be administered by the Nigeria Sovereign Investment Authority and
independently audited.
Three critical projects to be executed with the $308m were
previously authorised by President Muhammadu Buhari and the Nigerian
legislature. The recovered funds will reportedly be used to finance the
construction of the Second Niger Bridge, the Lagos-Ibadan Expressway and the
Abuja-Kano road.
The Federal Government will also establish a Monitoring Team
to oversee the implementation of the projects the money is channeled into and
also make periodic reports.
The statement also revealed that the US will continue to
seek forfeiture of over $177 million in additional laundered funds held in
trusts that name Abacha associate Bagudu, the current governor of Kebbi State
and his relatives as beneficiaries.
The statement reads in part;
“Specifically, the laundered funds under this agreement will
help finance the construction of the Second Niger Bridge, the Lagos-Ibadan
Expressway and the Abuja-Kano road – investments that will benefit the citizens
of each of these important regions in Nigeria.
“The United States has asked the government of Nigeria to
withdraw litigation it has instituted in the UK that hinders the US effort to
recover these additional funds for the people of Nigeria. The United States entered
into the trilateral agreement to repatriate the Jersey assets because of its
longstanding commitment to recover asset for the benefit of those harmed by
grand corruption and because of the important safeguards embodied in the
agreement.
Assistant Attorney General of the Justice Department’s
Criminal Division, Brian A. Benczkowski was also quoted saying;
“General Abacha and his cronies robbed Nigerians of vast
public resources and abused the U.S. and international financial systems to
launder their criminal proceeds.
“Today’s landmark agreement returns to the people of Nigeria
hundreds of millions of the embezzled monies through a lawful process that
ensures transparency and accountability."
