On Thursday, the US Justice Department said
that it has won legal control of nearly a half-
billion dollars worth of corrupt gains hidden in
banks by late Nigerian dictator Sani Abacha.
A court judgement on Wednesday gave the US
title to more than $480million that Abacha and
his associates embezzled and secured in
accounts in Jersey, England, Ireland and France.
The US is still seeking control over another four
Abacha-tied investment portfolios of $148 million
in Britain.
On the basis that the corrupt funds were originally
moved through the financial system, the
department will seek to have authorities in those
four jurisdictions order banks to transfer the
money to it.
"General Abacha and others systematically
embezzled billions of dollars in public funds from
the Central Bank of Nigeria on the false pretense
that the funds were necessary for national
security
The conspirators withdrew the funds in cash and
then moved the money overseas through US
financial institutions.
Our goal is to repatriate the recouped funds for
the benefit of the Nigerian people" said a rep for
the department.
Abacha ruled the Federal Republic of Nigeria from
1993 to 1998.
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