SOURCE: Indpendent Advocacy Project (IAP)
5 Iyalla Street, Alausa-Ikeja, Lagos Nigeria.
234 1 4934996/234 8033020170/234 1 4934891 Fax: 2341 4934894
e-mail: [email protected] [2]
website: http://www.ind-advocacy-project.org [3]

ABACHA'S CRONY TO REPARTIATE N40 BILLION
A businessman, Abubakar Atiku Bagudu, detained in the United States
for allegedly conspiring with Mohammed, son of Sani Abacha, the late
military dictator to steal public funds, has agreed to transfer about
$300 million (N40.566 billion) to the federal government. The said
amount was deposited in Deutsche Morgan Grenfell Limited Bank on the
Isle of Jersey.

Bagudu, who was in November released from a six-month detention at an
American prison by Magistrate Calvin Botley (after paying $500,000
bond) on the condition that he would transfer the said sum, also
agreed to return to Nigeria to face charges of allegedly assisting
Mohammed to transfer looted funds abroad.
Bagudu's counsel, Bob Sussman explained that his client agreed to
return to Nigeria within 14 days of his conditional release, to face
charges that he conspired with Mohammed Abacha to illegally transfer
funds from Nigeria into offshore bank accounts, an allegation Bagudu
categorically denied.

While in the US, Bagudu's movement would be restricted to ensure
compliance with the terms of his freedom. He would be monitored
through an electronic ankle bracelet. He was also required to remain
in-doors between 9 p.m. and 7 a. m.

Bagudu's ordeal began when the federal government asked for the help
of the Isle of Jersey government in recovering money illegally
transferred into the banks in its territory. The Isle of Jersey then
started investigations which eventually lead to of Bagudu's arrest on
22 May, in Houston, where he had been living for the past three
years.

Bagudu's arrest was based on an extradition warrant requested by
Britain from the Isle of Jersey. The island then brought against
Bagudu three charges of "fraudulent transfer of money from Nigeria to
the Deutsche bank, making false declarations to open the bank
accounts, and using federal government's fund to purchase notes that
federal government had defaulted on, then selling them back to it for
twice the purchase price."