By our reporter| Ireland on Thursday signed a memorandum of understanding with the federal government to return €5.5 million looted by Sani Abacha, the late head of state, to Nigeria.
Helen McEntee, Ireland minister of justice and equality, said the MoU followed an order recently issued by a court in Ireland regarding the funds.
The Ireland Criminal Assets Bureau froze the loot in 2014 following a request by the goverment of former President Goodluck Jonathan.
“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 her, 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.”
The lat Nigerian dictator was believed to have looted as much as $5 billion during his time as head of state between 1993 -1998.
So far, Nigeria with help foreign governments have recovered about $3.6 billion of the money.
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