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US takes control of Abacha's $480m loot

After a court ruling today, the Justice Department in the United States has won legal control of more than $480 million looted by late Military President, General Sani Abacha, his son and his associates, one of which is Abubakar Atiku Bagudu. Recall that The Department filed a suit in November 2013 against them over embezzlement and misappropriation of funds.

Between $3 billion and $5 billion were stolen during Abacha’s 1993-1998 regime and stashed in banks which include Deutsche Bank AG , HSBC Holdidings Plc and Banque SBA. The money will be returned to the Nigerian government for the benefit of the people.

“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.” The Justice dept stated.

According to the verdict, he has $303 million in two bank accounts in the British offshore center of Jersey and $144 million in two bank accounts in France. Three accounts in the United Kingdom and Ireland hold at least $27 million. Meanwhile the US is still seeking control over $148 million in four investment portfolios in the United Kingdom.

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