Politics, Sports, Business, Entertainment and News you will get nowhere else.

Tuesday, 4 June 2019

British Court Seizes Abacha’s Looted N82bn

A British court has seized the sum of £211,000,000 (N81.9bn) being money looted by the former Nigerian dictator and military head of state, General Sani Abacha. 

The said money was seized from a Jersey bank account that belonged to General Abacha. According to a report by the UK Metro, the money worth £211,000,000 was laundered through the US into the Channel Islands and now, that money has been recovered. The money was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company. 

The report said the money was seized and being held by the government until the Jersey authorities, the US and Nigerian authorities  come to an agreement on how the money would be distributed. 

According to the report, “Money to the value of £211,000,000 has been seized from a Jersey bank account that belonged to a former dictator. 

General Sani Abacha was a Nigerian army officer and de facto president between 1993 until his death in 1998. He laundered money through the US into the Channel Islands and now that money has been recovered. The money was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company. The money is now being held by the government until authorities in Jersey, the US and Nigeria come to an agreement on how it should be distributed. 

Any money that Jersey does keep will be put into the Criminal Confiscation Fund, which is used to pay for a variety of projects. In the past the fund has been used for the new police station and developments at La Moye Prison. It is expected that even more money held by Doraville is likely to be seized and paid into the Civil Asset Recovery Fund in the future. 

Attorney General Robert MacRae said: ‘In restraining the funds at the request of the United States of America, through whose banking system the funds were laundered prior to arriving here, and in achieving the payment of the bulk of the funds into the Civil Asset Recovery Fund, Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering.’ In 2014, at the request of the US authorities, the Island’s Attorney General applied for, and the Royal Court granted, a restraining order over the Jersey bank account balance of Doraville. 

No comments:

Post a Comment

Disclaimer: Comments made by readers of this blog are strictly the views and opinions of the writers and not that of Nedu Echianu's Blog.

Credit is given to the original sources of culled stories, but in a situation where your story is wrongfully credited to someone else, please contact neduechianu@gmail.com for an immediate correction.

For eye witness reports, stories and features which you want published on this blog please contact me on +234-8037036168 or neduechianu@gmail.com.