September 28, 2022

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The Nigerian and US governments have reached an agreement on the return of over $23 million in Abacha loot.

On Tuesday, August 23, the agreement was signed in the office of Mr. Abubakar Malami, Minister of Justice and Attorney General of the Federation.

Mr. Malami signed on behalf of the Nigerian government, and Mary Beth Leonard, US Ambassador to Nigeria, signed on behalf of the US government.

According to Mr Malami, when the fund is returned, it will be invested in three ongoing Federal Government projects, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.

Nigeria has recovered several other tranches of the Abacha loot in the past.

Abacha loot worth $723 million was returned to Nigeria from Switzerland in 2006.

In 2020, the United States and Jersey agreed to return $308 million in confiscated funds to Nigeria.

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