Ireland Signs the contract with Nigeria; misappropriate fund of €5.5m will be transferred to Nigeria

Dublin: The corrupted money deposited by Nigeria’s former leader General Sani Abacha will be refund to Nigeria. Ireland and Nigeria had signed a contract to return the funds misappropriated by the former Nigerian Leader.

The Dublin based bank account of the ex-leader is now in a frozen state, so that no transaction could be done.

According to the contract signed, Ireland government will be returning the complete money which is of 5.5 million dollars to the Nigerian government.

The account was frozen by the Dublin based bank according to the Criminal Assets Burau in October 2014.

The High Court made an order to return these assets to Nigeria by considering the application of the Nigerian authorities.   

Abacha was the ruler of Nigeria from 1993 to 1996.

The Justice Minister Helen McEntee said that the Criminal Assets Bureau was a part of the operation against Abacha at an international level which led to the freezing of over $1 billion funds worldwide. From this around €5.5 was founded from the Dublin based bank account.

She also said that this is the first time such kind of a property has been recovered in Ireland and this is a clear indication of Ireland’s commitment to the international fight against corruption.

The minister also believes that this kind of actions will assist countries which have been adversely affected by corruption in the past.