Abacha loot: Newly discovered £211m seized by British court

The sum of £211,000,000 belonging late General Sani Abacha has been seized by a British court. Report say the late military dictator laundered the money through the US into the Channel Islands.

The money which has now been recovered was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company.

The decision on how the money will be distributed will be taken when authorities in Jersey, the US and Nigeria come to an agreement.

 

Around June last year, Switzerland Ambassador to Nigeria, Eric Mayoraz said his country repatriated over $1billion Abacha loot to Nigeria while speaking in Abuja.

He added that his country is collaborating with the federal government to trace and repatriate looted funds stashed in foreign lands.

Mayoraz said,

“All fund hidden in Swiss banks by Abacha was fully repatriated and so we don’t have any of such fund in Switzerland again. $752m was returned in 2005 and we discovered more and more in other banks and that involved the $322.5m that was repatriated earlier this year.”

According to The Nation, He spoke at the Forum on Asset Recovery hosted by the Swiss Embassy to discuss issues surrounding the Abacha 2 asset recovery between the two countries with many non-governmental organisations and representatives of international agencies in attendance.

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