President Buhari has disclosed that effort to repatriate another trench of $300 million Abacha loot from the United State government has reached an advance stage. Buhari said a memorandum of understanding (MOU) would be ratified by both countries to return the stashed money back to Nigeria. The $300 million was traced to bank accounts in the U.S. and Jersey, an island infamous for its negligent tax avoidance policy.
Accordingly, “The US $300 million recently traced to be part of the Abacha money-laundering case,” would be returned to Nigeria, Mr. President disclosed this in his Independence Day broadcast. He said the Federal Ministry of Justice is working with the U.S. Department of Justice to conclude the (MOU) to speed up the repatriation of the said funds.”
Transparency International claimed that an approximate of $5 billion was stolen under Sani Abacha’s dictatorship between 1993 and 1998. Out of which Nigeria had so far received over $2 billion of the loot banked in several foreign entities since 1999.
More so, Mr. Buhari added that several partnerships were being entered with other countries to “combat tax evasion, smuggling, terrorism and illicit financial flows.”
Recall, “In June 2018, I assented to the Mutual Assistance in Criminal Matters Act, to provide a domestic legal framework for obtaining international assistance in criminal matters,” the president said.
Saying the new law had strengthened law enforcement agencies with ample abilities to investigate financial crimes.
