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Get Ready to “Replace” Returned $300m Abacha Loot If Misused, US Tells Nigerian Government

Get Ready to “Replace” Returned $300m Abacha Loot If Misused, US Tells Nigerian Government

According to the U.S. Department of Justice , the money must be used for the agreed public projects highlighted within the agreement signed with it before the fund was returned to Nigeria.


The United States and the British dependency of Jersey agreed with the Nigerian Government in February to return the $300m Abacha loot, in line with Reuters.

According to the U.S. Department of Justice , the cash must be used for the agreed public projects highlighted within the agreement signed with it before the fund was returned to Nigeria.

The U.S and the British dependency of Jersey agreed with the Nigerian Government in February to return the $300m Abacha loot, according to Reuters.

Should any of the parties — including the U.S —conclude that any of the returned funds had been used for an ineligible expenditure, a "claw-back" provision would then obligate the FRN (Nigeria) to replace fully any such improperly diverted monies," the letter said.

It didn't specify how and to whom the money would be "replaced".

The provision is notable as Nigeria continues efforts to repatriate money allegedly stolen during Abacha's brutal regime from 1993 until his death in 1998.

Transparency International estimates that he stole as much as $5bn of public funds during that time.

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