Ireland signs agreement with Nigeria to return forfeited assets

Following an application by the Nigerian authorities last year, the High Court recently made an order for forfeited assets to be returned to Nigeria.

The funds were misappropriated by the late former Nigerian President, General Sani Abacha, and frozen in a bank account in Ireland by the Criminal Assets Bureau (CAB) in October 2014.

The memorandum of understanding between Ireland and Nigeria will facilitate the return of the funds to Nigeria.

Justice Minister Helen McEntee 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 $1bn in funds worldwide, of which approximately €5.5m 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.

“This very welcome outcome has been achieved by significant multi-agency collaboration in Ireland. In addition to the work of the CAB and my own Department, the Department of Foreign Affairs and Trade has worked closely with the authorities in Nigeria in relation to this matter. I want to congratulate all those who worked towards achieving the conclusion of this Memorandum. It demonstrates the intent of both States to uphold our shared values and our international obligations to eliminate corruption.”