Ireland To Return €5.5m Abacha Loot To Nigerian Government
Ireland has reached a deal to give back to Nigeria €5.5m ($6.5 million) looted by former military dictator, Sani Abacha.
Helen McEntee, Ireland Minister of Justice and Equality, said the memorandum of understanding followed an order recently issued by a court in the European country regarding the funds.
The Ireland Criminal Assets Bureau froze the loot in 2014 under request from the administration of then President, Goodluck Jonathan.
“I am very pleased to sign this Memorandum of Understanding between Ireland and Nigeria. This represents the culmination of a long process which began with an internationally led investigation.
“The Criminal Assets Bureau took part in this international operation which led to the freezing of over $1bn in funds worldwide, of which approximately €5.5m was identified in a Dublin-based bank account.
“The return of these assets will be the first time that Ireland has taken such action and will be a concrete demonstration of Ireland’s commitment to international cooperation in the fight against corruption and to assisting countries which have been adversely affected by corruption in the past, and is in line with our international obligations as a signatory to the UN Convention Against Corruption,” she said.
The money is the latest Abacha-linked cash reclaimed by Nigeria.
Corruption watchdog, Transparency International, estimates that Abacha, who ruled from 1993 until his death in 1998, stole as much as $5bn of public money during that time.