Nigeria on Tuesday signed an agreement with the United States of America (USA) for the repatriation of the sum of $23 million, assets looted by past leaders of Nigeria, including late Sani Abacha.
The agreement was signed by the country’s Minister of Justice, Abubakar Malami on behalf of the Federal Government, while the US Ambassador to Nigeria, Mary Beth Leonard, signed for the government of the United States.
The minister in his speech shortly before signing the agreement said the recovered assets, which were made possible with the cooperation of the governments of the United States and the United Kingdom would be used in the infrastructural development of the country.
Malami said that efforts were being intensified for the recovery and repatriation of more of the looted assets.
He said the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.
Nigeria has in the past recovered several other tranches of the Abacha loot, which are proceeds believed to have been diverted from public coffers by the military administration of General Sani Abacha in the 1990s.
In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.
In 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland.