Nigeria To Repay $308M Abacha’s Loot If Lost
Gen. Sani Abacha

Nigeria To Repay $308M Abacha’s Loot If Lost


The $308 million Abacha loot is set to be released by the Unites State's government to Nigeria, but has a clause to it.

Following the trilateral agreement signed by the United States, Bailwick of Jersey, and Nigeria on Monday, it is clearly stated that Nigeria will repay any funds lost to corruption or fraudulent activities with the account where it is kept.

Morgan Ortagus, spokesperson of the US department of state disclosed this on Tuesday.

This is coming after a final decision was reached to disburse the $308 million looted by former Nigerian Military Governor, Director Sani Abacha, to fund the pressing infrastructural projects in the country, which includes the Lagos-Ibadan expressway.

This clause in the agreement is stirred due to previous experiences where funds released were misappropriated.

"The Return of Stolen Assets to the Nigerian People" according to the statement title is to make sure that the funds are being used effectively for the general welfare of her citizens.

The agreement signed will be followed up closely by the trilateral countries, ensuring the said project is well carried out

This return of assets is in line with the international joint decision that stolen funds and assets should be returned and used appropriately.

Happenings Media