US to repatriate N112 bn Abacha loot laundered by Kebbi gov, Bagudu

While he enjoys immunity from prosecution and unfettered access to taxpayers’ fund as the executive governor of Kebbi State, the United States authorities have repatriated N112.05 billion ($308 million) stolen and laundered by Abubakar Bagudu on behalf of the infamous military dictator, Sani Abacha, according to PremiumTimes. The amount has been described as the largest single asset repatriation the Island of New Jersey has undertaken, and among the largest in the world, according to US Department of Justice, and the government of Jersey.

The latest repatriation is the latest in a series of other funds stolen Abacha and his family, repatriated from Europe and the United States, which the Nigerian media now describes as the Abacha loot. The amount to be repatriated to Nigeria following a tripartite agreement on Monday does not include the more than N59.3 billion ($163 million) Bagudu agreed to return to Nigeria in 2003 in exchange for Jersey’s withdrawal of an extradition request to the United States for him to face criminal prosecution in the island nation.

According to the statement, another $18 million could be repatriated to Nigeria after a pending resolution of Jersey’s Royal Court. The amount is being withheld after a claim on it was made by an unnamed third party, believed to be Ibrahim, Bagudu’s elder brother who court documents revealed is the only party still challenging the repatriation of some of the funds.

Meanwhile, Jersey and the United States will keep $5 million each to cover the costs and expense in the recovery of assets. According to the agreement, the repatriated funds would be spent on the Lagos – Ibadan Expressway, Abuja – Kano Road and the Second Niger Bridge.

Before he became governor, Bagudu, was a prolific bagman for Abacha, helping the kleptomaniac tyrant who died in 1998 to launder a large chunk of the estimated $2.2 billion stolen from Nigeria’s coffers.