US Seizes More than $480 Million in Abacha Assets
The U.S. Justice Department said Thursday it seized more than $480 million in assets hidden around the world by former Nigerian military dictator General Sani Abacha and his associates.
A judgement entered Wednesday by U.S. District Judge John Bates in Washington, D.C. federal court follows a civil asset forfeiture complaint filed in November 2013 by the Justice Department alleging that late General Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others embezzled, misappropriated and extorted billions of dollars from the Nigerian government, and then laundered it through U.S. financial institutions and the purchase of U.S.-backed bonds.
“We remain steadfast in protecting the U.S. banking system from becoming a tool for dictators to hide their criminal proceeds,” said Valerie Parlave, assistant director in charge of the Federal Bureau of Investigation’s Washington field office, in a statement.
Nigeria has spent the years since Abacha’s death in 1998 trying to recover assets he stole from the country and laundered through banks across the globe.
Between $3 billion and $5 billion of public money was looted during Abacha's regime, according to Transparency International.
According to Reuters, in June, after a 16-year legal battle, Nigeria recovered from Liechtenstein $228 million stolen by Abacha and his associates.
As of last year, Nigeria had recovered about $1.3 billion of Abacha's money from various European jurisdictions.
Sources: Reuters, Wall Street Journal
A judgement entered Wednesday by U.S. District Judge John Bates in Washington, D.C. federal court follows a civil asset forfeiture complaint filed in November 2013 by the Justice Department alleging that late General Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others embezzled, misappropriated and extorted billions of dollars from the Nigerian government, and then laundered it through U.S. financial institutions and the purchase of U.S.-backed bonds.
“We remain steadfast in protecting the U.S. banking system from becoming a tool for dictators to hide their criminal proceeds,” said Valerie Parlave, assistant director in charge of the Federal Bureau of Investigation’s Washington field office, in a statement.
Nigeria has spent the years since Abacha’s death in 1998 trying to recover assets he stole from the country and laundered through banks across the globe.
Between $3 billion and $5 billion of public money was looted during Abacha's regime, according to Transparency International.
According to Reuters, in June, after a 16-year legal battle, Nigeria recovered from Liechtenstein $228 million stolen by Abacha and his associates.
As of last year, Nigeria had recovered about $1.3 billion of Abacha's money from various European jurisdictions.
Sources: Reuters, Wall Street Journal
US Seizes More than $480 Million in Abacha Assets
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