28 C
Lagos
Wednesday, September 23, 2020
Subscribe to News360 Info by Email
Home News Africa Ireland to return €5.5 mln in Abacha loot to Nigeria

Ireland to return €5.5 mln in Abacha loot to Nigeria

Ireland has reached a deal to give back to Nigeria 5.5 million euros ($6.5 million) looted by former military dictator Sani Abacha, Nigeria’s justice minister said in a statement.

The money is the latest Abacha-linked cash reclaimed by Nigeria. Corruption watchdog Transparency International estimates that Abacha, who ruled Africa’s biggest oil producer from 1993 until his death in 1998, stole as much as $5 billion of public money during that time.

He was never charged with corruption in his lifetime.

“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,” Helen McEntee, Ireland’s Minister for Justice and Equality, said in a statement.

Ireland froze the funds in October 2014 as part of an international operation that froze more than $1 billion worldwide, the statement said.

The agreement comes as Nigeria scrambles for cash to fill holes that have opened up in its budget as the coronavirus pandemic hammers oil prices.

In May, Nigeria received just over $300 million in Abacha funds from the United States and the British dependency of Jersey, despite concerns raised by a powerful U.S. senator that it could be misappropriated.

($1 = 0.8452 euros)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Buhari addresses 75th UNGA from Aso Rock

These is the full statement made by President Muhammadu Buhari, from Aso Rock to the 75th virtual UN General Assembly on Tuesday,...

Nigerian Navy deploys 6 warships, 60 gunboats against pirates and oil thieves

The Nigerian Navy has deployed troops on board six warships, including 60 gunboats, in a special military exercise to tackle pirates, oil...

Tinubu pens emotional, golden words for Sunny Ade

National leader of the All Progressives Congress, APC, Asiwaju Bola Tinubu has penned down emotional and golden words for Chief Sunday Adeniyi...

Covid-19: Cases reduces in many states, increase in Lagos and Plateau

Confirmed COVID-19 cases in Nigeria as announced by the NCDC on Tuesday shrank to 176, in contrast to the 195 logged on...

Recent Comments