US to return $480m stolen by Sani Abacha

Washington - The United States has taken control of more than $480m looted by former Nigerian dictator Sani Abacha and his associates after a court ruling, the justice department said on Thursday.

The money stolen during Abacha's 1993-1998 de facto presidency of the oil-rich African nation and stashed in banks around the world will be returned to the Nigerian government, the department said in a statement.

"Rather than serve his county, General Abacha used his public office in Nigeria to loot millions of dollars, engaging in brazen acts of kleptocracy", assistant attorney General Leslie Caldwell said in the statement.

US district judge John Bates in Washington ordered on Wednesday that the funds, frozen by the justice department in March, be forfeited to US control.

The judgment includes about $303m in two bank accounts in the British offshore centre of Jersey and $144m in two bank accounts in France.

Three accounts in the United Kingdom and Ireland hold at least $7m, the statement said.

Claims to another $148m in four investment portfolios in the United Kingdom are pending.

Abacha, who took took power in a coup, died in 1998. Nigeria has been fighting for years to recover his money, but companies linked to the Abacha family have gone to court to prevent repatriation.

Between $3bn and $5bn of public money was looted during Abacha's regime, according to transparency international.

The justice department suit filed in November 2013 saying that Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others embezzled, misappropriated and extorted money from the Nigerian government.

They laundered funds by buying bonds backed by the United States using US financial institutions, prosecutors said.

In June, after a 16-year legal battle, Nigeria recovered from Liechtenstein $228m stolen by Abacha and his associates.

As of last year, Nigeria had recovered about $1.3bn of Abacha's money from various European jurisdictions.

Read more on: us nigeria west africa
mmmmTim 2014-08-08 11:36:11 AM
The next one to have the money he stole clawed back will be Bob Mugabe!
Stephanes Heunis 2014-08-08 11:41:44 AM
Obama that mentioned investment, be carefully very carefully
Evison Bhebhe 2014-08-08 01:35:29 PM
Mugabe's money is in friendly countries such as Singapore, China and South Africa.
Dave Obeng 2014-08-08 03:55:20 PM
How much interest accrued to the US after all these years?
Michael McN 2014-08-08 08:31:55 PM
Don't bank it in a sock, sock it in a dictator's bank! Then sock it to the dictator, and get all that he socked away back, plus interest!
David Ani 2014-08-08 10:02:11 PM
nigerians watch-out how the money will be shared among themselves.looters!!
LeGrand Africains 2014-08-09 06:03:23 AM
why not freeze their funds while they are still alive. we know the richest African presidents who loot billions: Obiang Nguema, R. Mugabe, J. Kabila, E. Dos Santos, Y.Musevenyi, P. Kagame, etc..