US freezes $458m Abacha loot, declares it largest forfeiture ever

The U.S. Department of Justice has frozen more
than $458 million in corruption proceeds hidden in
bank accounts around the world by former Military
dictator, Gen. Sani Abacha and his conspirators.

The complaint alleges that Abacha, his son
Mohammed, their associate Abubakar Atiku
Bagudu and others embezzled, misappropriated
and extorted billions from the government of
Nigeria and others.

The corrupt proceeds were then laundered through
the purchase of bonds backed by the United States
using U.S. financial institutions.
A civil forfeiture complaint unsealed yesterday in
the United States District Court in the District of
Columbia seeks recovery of more than $550
million in connection with “the largest kleptocracy
forfeiture action brought in the department’s
history.”

The restraint of funds announced yesterday
includes approximately $313 million in two bank
accounts in the Bailiwick of Jersey, $145 million in
two bank accounts in France, four investment
portfolios and three bank accounts in the United
Kingdom with an expected value of at least, $100
million.

Acting Assistant Attorney General Mythili Raman of
the Justice Department’s Criminal Division and
Assistant Director in Charge Valerie Parlave of the
FBI’s Washington Field Office made the
announcement.

“Gen. Abacha was one of the most notorious
kleptocrats in memory, who embezzled billions
from the people of Nigeria while millions lived in
poverty,” said Acting Assistant Attorney General
Raman.

“This is the largest civil forfeiture action to recover
the proceeds of foreign official corruption ever
brought by the department. Through our
Kleptocracy Initiative, we are seizing the assets of
foreign leaders who steal funds that properly
belong to the citizens they serve.

Today’s
(yesterday’s) action sends a clear message: we
are determined and equipped to confiscate the ill-
gotten riches of corrupt leaders who drain the
resources of their countries.
“We will not let the U.S. banking system be a tool
for dictators to hide their criminal proceeds,” said
Assistant Director in Charge Parlave.
“This action demonstrates the FBI’s ability to
combat international corruption and money
laundering by seizing the assets of those involved.
I want to thank the special agents, financial
analysts and prosecutors whose hard work over
the years resulted in today’s announcement.”

Gen. Abacha, who assumed office through a
military coup on November 17, 1993, died in office
on June 8, 1998.