The Government of the United States of America and the Federal Republic of Nigerian have entered an Asset Recovery Agreement which will facilitate the return of over US$308 million of forfeited assets to Nigeria.
According to reports, the money laundering was carried out by the son of former military head of state, Sani Abacha.
It was carried out through the US banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a BVI company.
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The tripartite agreement signed this week represents a major watershed in international cooperation in asset recovery and repatriation, and will provide benefit to people throughout Nigeria.
In 2014 a U.S. Federal Court in Washington DC forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.