Ireland and Nigeria have signed a Memorandum of Understanding (MoU) to return the funds looted during the regime of Gen Sani Abacha.
The looted funds going up to €5.5 million will be returned to Nigeria after all legal protocols have been observed.
According to Helen McEntee, Ireland’s Minister of Justice and Equality, the return of €5.5 million stored in a Dubin-based account will be the first time the country will repatriate such amount to another country in order to demonstrate its commitment to international cooperation.
Ireland’s Minister of Justice said;
“I am very pleased to sign this Memorandum of Understanding between Ireland and Nigeria. This represents the culmination of a long process which began with an internationally led investigation.
“The Criminal Assets Bureau took part in this international operation which led to the freezing of over $1 billion in funds worldwide, of which approximately €5.5 million was identified in a Dublin based bank account.
“The return of these assets will be the first time that Ireland has taken such action and will be a concrete demonstration of Ireland’s commitment to international cooperation in the fight against corruption and to assisting countries which have been adversely affected by corruption in the past, and is in line with our international obligations as a signatory to the UN Convention Against Corruption.
“It demonstrates the intent of both States to uphold our shared values and our international obligations to eliminate corruption.”