The Muhammadu Buhari-led federal government has received the sum of $20.6 million from the United States as part of funds illegally stashed in foreign accounts by General Sani Abacha, the former Head of State of Nigeria.
According to a statement by the United States Department for Justice, the fund is part of its August 23, 2022, agreement to repatriate assets stolen by Abacha.
This brings the total sum forfeited and returned to Nigeria by the US to $332.4 million.
“The United Kingdom’s cooperation in the investigation, restraint, and enforcement of the US judgment, along with the valuable contributions of Nigeria and other law enforcement partners around the world, including the United Kingdom’s National Crime Agency, as well as those of the Justice Department’s Office of International Affairs, have been instrumental to the recovery of these funds,” reads the statement published on its website.
“Under the agreement signed in August, the United States agreed to transfer 100 per cent of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorised by Nigerian President, Muhammadu Buhari, and the Nigerian legislature.
“The $20,637,622.27 marks a slight reduction from the $23 million announced in August due primarily to exchange rate fluctuations between British pounds sterling and US dollars. The funds governed by this agreement will help finance the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano road – investments that will benefit the citizens of each of these important regions in Nigeria.”