US and Jersey to return over $300m stolen by Nigerian dictator

US and Jersey to return over $300m stolen by Nigerian dictator
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More than $300m of money stolen by a military dictator and laundered through accounts in Jersey is to be returned to Nigeria.

The governments of Nigeria, Jersey and the United States said in a statement they had entered into an asset recovery agreement to repatriate forfeited assets to Nigeria.

The funds were stolen by former military ruler General Sani Abacha, the three governments said. Abacha ruled Nigeria, Africa's biggest oil producer, from 1993 until his death in 1998. Corruption watchdog Transparency International estimates he stole as much as $5bn of public money during that time.

This agreement has culminated in a major victory for Nigeria and other African countries as it recognizes that crime does not pay"
The funds were laundered through the US banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a British Virgin Islands company, and in the name of the son of the ex-military ruler, they said. The Nigerian government pegged the total amount at $321m.
"This agreement has culminated in a major victory for Nigeria and other African countries as it recognizes that crime does not pay and that it is important for the international community to seek for ways to support sustainable development through the recovery and repatriation of stolen assets," Nigerian Attorney General Abubakar Malami said.
Jersey will pay the US government on or before 6 March, and the US will then have 45 days to return it to Nigeria.

"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," said Assistant Attorney General Brian A. Benczkowski of the Justice Department's Criminal Division.

Under the former dictator, the government funnelled billions out of Nigeria and used US financial instruments and bonds backed by the US to launder the money.  
The Department of Justice is now looking to proceed with its judgment that will go after other portions of Abacha's fortune. According to its statement, $30m is located in the UK, and over $144m remains in France.  

The Swiss government in 2017 said it would return to Nigeria about $321m in assets seized from Abacha's family via a deal signed with the World Bank.

Abacha's laundering operation extended to the United States and European jurisdictions such as Britain, France, Germany, Switzerland, Lichtenstein and Luxembourg, the statement said.

 

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