Nigeria: more looted funds coming in from Ireland
Over Five million pounds looted by Nigeria’s former leader, the late General Sani Abacha, who ruled the country from 1993 until his death in 1998 will soon be returned to Nigeria in the first stage of a process that will last many months.
This follows investigative operations of The Criminal Assets Bureau (CAB) linked to the case which led to the freezing of over $1 billion of stolen assets worldwide, of which approximately €5.5 million was identified in an account in Dublin-based bank.
The funds were frozen in a bank account in Ireland by CAB since October 2014. After an application by the Nigerian authorities last year, the High Court earlier this year made an order providing for the return of these assets to Nigeria, subject to a Memorandum of Understanding (MoU) between the two governments.
The MoU, a first for Ireland, is in line with its international obligations as a signatory to the UN Convention Against Corruption. It also reveals Ireland’s commitment to international cooperation in the fight against corruption.