U.S. agrees to repatriate $480m Abacha family loot

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The United States government has agreed to repatriate about
$480million believed to have been stolen by the late Head of State,
Gen. Sani Abacha and his family while he was military head of state.
According to The Nation , the US government agreed to the
repatriation after a recent meeting between the Department of
Justice and the Attorney-General of the Federation, Abubakar
Malami (SAN) and the Acting Chairman of the Economic and
Financial Crimes Commission( EFCC), Mr. Ibrahim Magu.
A source at EFCC who spoke on the repatriation said “This is the
largest loot ever traced to a former Nigerian public officer in the
U.S. The DOJ, the AGF and the EFCC have concluded all the talks;
we are in the process of repatriation of the $480million. Although
there are interventions from private lawyers, the DOJ prefers a
government-to-government deal.
I can tell you that the funds will soon be repatriated. If there is
anything left, it has to do with the conditions which the US will
attach to the utilisation of the funds. The US is likely to advise on
specific areas to spend the funds on and the project monitoring
mechanisms. It does not want the cash re-looted. The Federal
Government and the U.S. on January 14, 2003 signed the Treaty on
Mutual Legal Assistance in Criminal Matters between the two
nations.
So, no corrupt public officers from Nigeria can hide in the US. At
the session with AGF and the EFCC boss, they told the Nigerian
team that the DOJ now has Kleptocracy Unit which is closing tabs
on Political Office Holders and other public officers in this country
and many other nations.”
The Criminal Division of the Office of International Affairs of the
US Department of Justice, in a letter to the Federal Government,
identified the accounts where Abacha loot was hidden.
The highlights are as follows: Doraville Properties Corporation –
$287 million in Account Number 80020796 located at Deutsche Bank
International Limited in the Bailiwick of Jersey; HSBC Fund
Administration (Jersey) – $12 million in account number S-104460
in the Bailiwick of Jersey; and Rayville International, S. A – $1
million in account number 223405880IUSD at Banque SBA in Paris,
France, Standard Alliance Financial Services Limited – $144 million in
account 223406510PUSD at Banque SBA in Paris; Mecosta Securities
– $21.7 million in accounts 10030688 and 100138409 at Standard
Bank in the United Kingdom, HSBC Bank Plc – $1.6 million in
account number 38175076, Blue Holding (1) Pte Ltd/ Ridley Group
Limited – £6,806,900; Blue Holding (2) Pte. Ltd/ Ridley Group
Limited – £21,846,983; Blue Holding (1) Pte. Ltd/ Ridley Group
Limited – £10,293,343.58; Blue Holding (2) Pte. Ltd/Ridley Group
Limited – £56,962,996.26.

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