Abacha Loot: Ireland, FG Sign MoU To Return €5.5m To Nigeria

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Abacha’s loot
Ireland
has signed a memorandum of understanding with the Federal Government to return €5.5 million looted by Sani Abacha, the late head of state, to Nigeria.

Following an application by the Nigerian authorities last year, the High Court made an order providing for the return of these assets to Nigeria.

Read Also: Fresh $319 Million Abacha Loot Surfaces In France And UK

Ireland’s minister of justice and equality, Helen McEntee in her statement confirmed that the decision followed the court order

The return of the asset found in a Dublin based bank account will be the first time the European nation has taken such action.

McEntee said;

I am very pleased to sign this Memorandum of Understanding between Ireland and Nigeria. This represents the culmination of a long process which began with an internationally led investigation.

The Criminal Assets Bureau took part in this international operation which led to the freezing of over $1 billion in funds worldwide, of which approximately €5.5 million was identified in a Dublin based bank account.

Read Also: Just In: Federal Government Receives $311m Abacha Loot From US, Jersey

She added;

The return of these assets will be the first time that Ireland has taken such action and will be a concrete demonstration of Ireland’s commitment to international cooperation in the fight against corruption and to assisting countries which have been adversely affected by corruption in the past, and is in line with our international obligations as a signatory to the UN Convention Against Corruption. It demonstrates the intent of both States to uphold our shared values and our international obligations to eliminate corruption.

Read Also: Federal Government To Receive $321m Abacha Loot

Transparency International has estimated that Abacha might have looted as much as $5 billion during his regime from 1993 to 1998.

About $3.6 billion has so far been recovered out of that money.

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