All is now set for the repatriation of N2,514,651,800 (€5.5 million) stolen and stashed in the Republic of Ireland by former Head of state, General Sani Abacha back to the country.
The repatriation of the stolen wealth followed a memorandum of understanding between Nigeria and Ireland after an Irish court recently issued an order, mandating the return of the funds to Nigeria.
Ireland minister of justice and equality, Ms. Helen McEntee, said the MoU to return the loot was achieved by significant multi-agency collaboration in Ireland, adding: “It demonstrates the intent of both States to uphold our shared values and our international obligations to eliminate corruption.”
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The Ireland Criminal Assets Bureau was said to have frozen the money in 2014 where it was kept in an Ireland bank account.
“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,” McEntee said in a statement on Thursday.
“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.
“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.”
According to Transparency International estimates, 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. The recoveries have, however, been marred by corruption.
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Recently, the US repatriated $311 million Abacha loot to Nigeria.
Also, the US Embassy in Nigeria has said there is $167 million in stolen assets in France, while another $152 million is in the UK, which is being challenged in court.
