Skip to main content

Abacha Loot Recovery So Far (pictured)

By
 

To repatriate a $550million loot traced to ex-Head of State Gen. Sani Abacha, the Federal Government is to resolve two legal hurdles in the United States.

The hurdles are:
• an application filed before a court by Kebbi State Governor Atiku Bagudu and his wife; and
• an action by a United States lawyer, Godson Nnaka, who is fighting to have part of the money.
Besides, the government is seeking “political solutions” to the conditions set by the Swiss government for accessing the loot, The Nation learnt yesterday.
The Swiss government would like to monitor what Nigeria does with the loot, a development which the Federal Government considers as an affront on the country’s sovereignty.

Attorney-General of the Federation and Minister of Justice Abubakar Malami (SAN) and Economic and Financial Crimes Commission (EFCC) Acting Chair Ibrahim Magu, who returned from the US on Sunday, were said to have made progress in “negotiating the last phase of the process for the release of the $550million”.  Pending legal cases in the U.S. by the two Nigerians and the conditions attached to the use of the loot have caused the delay in repatriating the $550million loot.The U.S. insisted on the removal of the legal obstacles before it could invoke the procedure for the release of the funds to Nigeria.Following likely loss of the $550 million, President Muhammadu Buhari has chosen to resolve the stalemate through “political solutions”.

A top source, who spoke in confidence, said: “The Federal Government is inching closer to the resolution of legal hurdles and the template for the release of the $550 million Abacha loot. We have spent close to 20 years pursuing the repatriation of these stolen funds; it is time to get over it.The source added: “The government is trying to prevail on the Governor of Kebbi State, Alh. Atiku Bagudu and a U.S.-based lawyer, Mr. Godson Nanka to withdraw their pending matters in some courts in the U.S..“The government has decided to plead with Bagudu and his wife, Aisha to withdraw their suit in the U.S., which is inhibiting the process of releasing the cash, which has been stashed in Switzerland.”In the suit number 13-CV-1832 (JDB), Bagudu and his wife urged the court to reverse its judgment, which declared that the money attributed to them was illicit fund laundered into the U.S. and therefore forfeited to the American government.”
Relying on 18 USC 983 (a) (4) and Rule G (5) (a) of the Sup¬plemental Rules for Admiralty or Marine Claims and Assets Forfeiture Actions of the Fed¬eral Rules of Civil Procedure (Supplemental Rules), Bagudu said: “I have a claim to and interest in the property alleged to be subject to forfeiture in this action.”

“If we continue with this suit without a political solution, the $550 million will still be held up in the U.S..

Comments

Post a Comment

Popular posts from this blog

Forbes- Top 10 Richest Men In Nigeria 2017

By
Every year, a renowned website named forbes gather relevant informations and come up with the richest men in the world, in Africa and in Nigeria. As 2017, 9 Nigerians make the billionaires club cut with a some, just few million dollars away from reaching the bench mark. Below are the top 10 richest men in Nigeria according to forbes ranking 2017. 10. Oba Otudeke: Oba Otudeke is the chairman and founder of the honey well group. He is also the chairman of FBN Holdings Plc. His operations spread across oil and gas, flour minning, real estate, and marine transportation.Net Worth: $650 million. 9. Jim Oviah: Jim Oviah is the founder of Zenith Bank. He is the chairman and the largest shareholder with a stake of almost 10%. He also manages a mobile telecom Visafone which has over 3 million subscribers. Net Worth: $1 billion. 8. Orji Uzor Kalu: The former governor of Abia State. He is the founder and chairman of Slok Holding. A conglomerate with interest in ...
2 comments
Read more

Jay Jay Okocha, Ronaldinho And Valdarama Pictured Together (photos)

By
Nigerian football legend, Jay Jay Okocha met with Brazilian legend Ronaldinho on tour in Bahrain. Both footballers were team mates at Paris St Germain FC. It is rumored that Jay Jay was a source of influence on Ronaldinho's style of play. Both were joined by Carlos Valdarama who won the South American Footballer of the Year award in 1987 and 1993, and in 1999.
Post a Comment
Read more

Lagos Task Force Prosecute 114 Mushin Thugs,destroy 'weed' Worth Millions (pics)

By
The Lagos state task force has prosecuted 114 hoodlums linked to a fracas that occurred in Mushin a few weeks ago. Following the clash between the hoodlums from Alamutu and Akala-Elegba boys in Mushin Local Government, 114 of them were arrested alongside an alleged notorious killer and rapist from the council. Meanwhile, the Taskforce also destroyed Indian hemp, codeine and other illegal drugs worth millions of Naira recovered earlier from the communities. The prosecution of the 114 hoodlums including two females, was a sequel to the prosecution of 36 suspects arrested during the fracas that left scores of residents dead and others injured. The alleged notorious rapist identified as ‘Lanre Olowojobi (a.k.a Pumpy), an indigene of Ekiti State, confessed that since the fracas started seven years ago, he had killed and injured several residents with his weapons. The 37-year-old suspect said: “the ‘Pump Action’ guns and other weapons used during any fracas within...
Post a Comment
Read more