Less than a week after President Goodluck Jonathan honoured the late
Head of State, Gen. Sani Abacha, with an award for “his contributions to the
nation,” the United States has ordered a freeze on $458m in assets stolen by
the former dictator and his accomplices.
AFP quoted the
Justice Department as saying on Wednesday that the corruption proceeds –
stashed away in bank accounts in Britain, France and Jersey – were frozen at
Washington’s request with the help of local authorities.
Abacha died in office in 1998, but his surviving relatives still include
some of the richest and most influential figures in Nigeria.
According to a civil forfeiture complaint unsealed in the US District
Court in Washington, the department wants to recover more than $550m in
connection with the action.
“This is the largest civil forfeiture action to recover the proceeds of
foreign official corruption ever brought by the department,” said Mythili
Raman, acting assistant attorney general.
“General Abacha was one of the most notorious kleptocrats in memory, who
embezzled billions from the people of Nigeria, while millions lived in
poverty,” she said.
The Justice Department said the frozen assets, along with additional
assets named in the complaint, represented the “proceeds of corruption” during
and after the military regime of Abacha, who became Head of State through a
military coup on November 17, 1993 and held that office until his death on June
8, 1998.
The complaint alleges that Abacha; his son, Mohammed Sani Abacha; their
associate, Abubakar Atiku Bagudu, and others “embezzled, misappropriated and
extorted billions from the government of Nigeria and others, then laundered
their criminal proceeds through the purchase of bonds backed by the United
States using US financial institutions.”
Raman said that the action sent a “clear message” that the United States
was “determined and equipped to confiscate the ill-gotten riches of corrupt
leaders who drain the resources of their countries.”
The US government’s Kleptocracy Asset Recovery Initiative, where
appropriate, provides for the return of stolen proceeds “to benefit the people
harmed by these acts of corruption and abuse of office.”
It did not specify what action would be taken with regard to the Abacha
case.
The funds frozen include approximately $313m in two bank accounts in the
Bailiwick of Jersey and $145m in two bank accounts in France, the department
said.
Four investment portfolios and three bank accounts in Britain were
frozen, with an estimated value of at least $100m, but the exact amounts in the
accounts have not yet been determined, it said.
The Justice Department said that on February 25 and 26, authorities in
Jersey, France and Britain complied with the US action to freeze the assets.
The complaint also seeks to freeze five corporate entities registered in
the British Virgin Islands.
According to the complaint, Abacha and others systematically embezzled
billions of dollars in public funds from Nigeria’s central bank on the false
pretence that the funds were necessary for national security.
They withdrew the funds in cash and then moved the money overseas
through US financial institutions.
Abacha and his Finance minister, Anthony Ani, also allegedly caused the
government to buy Nigerian government bonds at vastly inflated prices from a company
controlled by Bagudu and Mohammed Abacha. That operation created an illegal
windfall of more than $282m.
In addition, Abacha and his co-conspirators allegedly extorted more than
$11m from a French civil engineering company, Dumez, and its Nigerian affiliate
in connection with payments on government contracts.
Funds involved in each of these schemes were laundered through the US in
nine financial institutions, the complaint alleged.
The financial institutions involved include Citibank, Chase Manhattan
Bank and Morgan Guaranty Trust Company, now JPMorgan Chase, and New York-based
units of Britain’s Barclays Bank and Germany’s Commerzbank.
This is good news for the country as it will make example to those trying to do the same. But to be sceptical, where the money is going now? Does that means the money is lost forever to the whites? This is another colonization to inject into their economy. Why not US goverment come to Nigeria and use the money to build infrastructures for the poor man? So now they are holding the money. What a shame for us
ReplyDeleteWhy are they keeping the money ? Pity Chinelo
ReplyDeleteWhy did it take this long ?
ReplyDeleteSince they feel that Abacha contributed to our nation and decided to give him award then they should give award to people like Anine, Monday Osunbo, and (aka) Godogodo. the notorious arm robbers. they will still give award to the head of Boko Haram. May God have mercy to our nation.
ReplyDelete