US and Governor Bagudu close to deal on $140m Abacha loot

US nears settlement with Ibrahim Bagudu to resolve legal case over $140 million US investigators say was stolen and laundered by Kebbi State Governor Abubakar Bagudu, according to court documents obtained by PREMIUM TIMES.

The US Department of Justice (USDOJ) and Mr. Bagudu's brother, Ibrahim, who is the lead plaintiff in the case, on Wednesday requested a stay of the pending case in federal court in Washington. Both parties have agreed to an out-of-court settlement and believe a short delay will allow them "to reach a final agreement resolving the dispute", according to court documents.

Before venturing into politics first as a senator and now governor, Mr Bagudu was a bagman for the late dictator Sani Abacha, helping the kleptocrat who died in 1998 launder billions of dollars stolen from Nigeria .

In a joint petition to the U.S. District Court in Columbia, the parties requested a stay from August 3 to at least November 9, 2022.

Presiding Judge John Bates granted their request but ordered the parties to provide an update on the negotiation by November 2 stating "whether a final settlement has been reached, or a further suspension of the Litigation is warranted because of the parties' significant progress in finalizing the settlement, or the parties have been unable to finalize the settlement and litigation is expected to resume."

While he enjoys immunity from prosecution as governor of Kebbi State, US investigators previously helped recover stolen funds from Abacha linked to Mr Bagudu's network of offshore companies worldwide. He was the primary target for much of Abacha's $3.6 billion loot that was recovered between 1998 and present.

The $23.5 million loot recovered in May by the UK's National Crime Agency (NCA) was confiscated by Mohammed Abacha and Mr. Bagudu, a PREMIUM TIMES investigation has revealed.

agreement agreement

The United States and Mr. Bagudu brokered a broader deal that includes his brother, Ibrahim, as well as the Nigerian and British governments, according to court documents.

One of the agreements, signed on October 26, 2018, was an amendment to a 2003 agreement signed between the Bagudu family and the Nigerian government to settle all of Mr. Bagudu's civil claims against Nigeria and all civil claims , administrative and criminal law of Nigeria. against Mr. Bagudu for helping Mr. Abacha launder the funds.

READ ALSO: UK Government Recovers $23M Abacha Loot

The other agreement, signed on September 6, 2019, was an amending deed, which amended the 2018 agreement by extending its termination date from August 30, 2019 to February 28, 2020.

Under the amended deal, the Nigerian government and Mr. Bagudu reached a negotiation that would see ownership of the investment portfolios – worth $157.5 million – transferred to the Nigerian state , which would then pay $110 million to Mr. Bagudu's family.

The parties (Nigeria and Mr. Bagudu) to the 2018 amended settlement argued that payment of the money would satisfy Mr. Bagudu's default judgment against Nigeria for breach of the settlement agreement from 2003.

But, the US has rejected this plan arguing that the amended 2018 agreement serves to hide the confiscated and remaining assets outside the UK and away from court judgment and warrant. stop placed on assets.

A former senator, Bagudu is the chairman of the APC governors forum and recently played a key role in selecting Bola Tinubu as the presidential candidate for the 2023 general election.

This newspaper revealed that Mr. Bagudu had spent six months in federal custody in Texas pending extradition to Jersey. However, before being handed over to a criminal trial in Jersey, he agreed to return $163 million to Nigeria. He was released on bail in Nigeria where he was to be prosecuted for money laundering. However, upon his return to Nigeria, he was not interviewed.

Mr Bagudu's chief press secretary, Muazu Dakingari, did not return calls or respond to a text message seeking his comment on Saturna...