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FG Drags UK’s NCA to Court over £150m Abacha Loot
Nigerian government is locked in a court battle with Britain’s National Crime Agency (NCA) over control of €180 million (£150 million) that was stashed abroad by late Gen. Sani Abacha, Nigeria’s former head of State.
Late Gen. Sani Abacha
By yesterday’s official exchange rate of the British Pounds Sterling at N563, as seen on the website of the Central Bank of Nigeria (CBN), the money in contention is about N84.5 billion.
The United Kingdom’s The Telegraph reported that the case was again poised to spark fresh questions about dirty money flowing through the City of London.
In the latest legal tussle over the money, generally known in Nigeria as “Abacha loot”, the report stated that Nigeria wanted the crime-fighting agency, NCA, to release funds that it froze at the request of US authorities.
In May 2020, the federal government confirmed the receipt of $311 million looted by a late dictator, Abacha, repatriated from the United States and Island of Jersey.
According to Abubakar Malami, attorney general of the federation and minister of Justice, “The amount increased significantly from over $308 million to over $311 million because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the CBN.”
It came after the recovery of $322 million from Switzerland in 2018.
At the time, Malami noted that the government had committed that the asset would support and assist in expediting the construction of three major infrastructure projects across Nigeria, namely, Lagos – Ibadan Expressway, Abuja – Kano Road, and Second Niger Bridge.
It was estimated that from 2007 to 2020, about $1.5 billion had been returned to Nigeria from different parts of the world.
According to the latest report, American prosecutors said the money could be traced back to a suspected $2.2 billion (£1.6 billion) or more that was plundered by Abacha and his associates during the dictator’s five-year reign.
In the complex issues surrounding the repatriation of the funds, the authorities in the US sought to return the money to “the people of Nigeria”, under the so-called Kleptocracy Initiative.
But the Nigerian government was said have sought to “sidestep” the process and obtain the funds directly through an application to the High Court, in a move opposed by UK and US authorities, documents seen by The Telegraph and SourceMaterial showed.
Although Abacha died more than 20 years ago, the piles of treasure he looted from Nigerian coffers have kept cropping up, with at least $2 billion being thought to have stolen during his five years in power.
The former dictator’s spoils have been linked to dozens of offshore bank accounts over the years, as investigators unravel the intricate web he and his associates spun across the globe.
British and American authorities have been locked in talks over tens of millions of pounds of cash that investigators say can be traced to Abacha’s plundering, the investigation found.
The case, which involves a serving Nigerian politician who was one of Abacha’s top henchmen, includes cash in British bank accounts that has been frozen by the National Crime Agency.
However, the Nigerian government has brought its own legal action against the NCA in a bid to end the tussle, it has emerged.
The report stated, “It is a complicated story with many twists and turns. But the on-going struggle for ‘Abacha’s loot’ reveals the difficulty in recovering stolen funds, the frustrations of law enforcement, and the way people accused of corruption have relied on respectable law firms to argue their cases in court.”
On the modus operandi used by Abachi to execute the looting, the report stated that after seizing power in a 1993 coup, Abacha set about using his position as Nigeria’s head of state to place himself above the law and skim vast sums of money from the oil-rich nation.
In perhaps the most brazen example, he would tell advisers to make spurious requests to him for money to deal with national “emergencies”, according to US court documents.
Signed letters would then be sent to the CBN, which would provide cash, travellers’ cheques or arrange a wire transfer.
The report added, “Money was stuffed into boxes or bags and transported to Abacha’s house, before associates arranged for it to be sent abroad.
“At least $2 billion is thought to have been stolen this way, using more than 60 letters to the central bank.
“Abacha also arranged for the government to sell bonds to a company controlled by his allies before buying them back at vastly inflated prices, generating an illicit windfall of $282 million.”
Separately, the report stated that Abacha and his associates extorted French engineering firm, Dumez Group, of $97 million and used his spoils to live a luxurious lifestyle.
“Inside his many sprawling homes, he kept piles of glittering jewellery, including gold necklaces and rings, and at one stage as much as $100 million in cash,” the report noted.
However, the money Abacha and his associates plundered became the subject of an international search after the dictator’s sudden death in 1998, aged 54.
The report stated that weeks after his death, Abacha’s widow was caught trying to flee the country with 38 suitcases packed with money and his family later forfeited nearly $1 billion.
“Yet the only clues hinting at where other stashes of money could be found were a few details of secret offshore bank accounts discovered by authorities,” it said.
“Since then, the Nigerians have sought foreign help to recover as much as possible, with more than $1 billion eventually returned from Switzerland alone,” it added.
The effort has been hampered by the sheer complexity of Abacha’s dealings as well as marathon legal battles that have dragged on for years, some involving former associates.
One of the remaining cases, brought by US prosecutors, aims to recover more than $480 million, the report stressed. In just one example of the web of transactions criss-crossing the globe, they outlined in court filings how money was laundered by Abacha and his associates through bank accounts in Lagos, London, New York, Paris, Zurich, and Geneva.
The assets were stashed in banks, including Deutsche Bank, HSBC, and Banque SBA, according to the lawsuit, although there was no suggestion that the banks were involved in any wrongdoing.
The Telegraph stated, “This legal action eventually resulted in a 2020 deal to repatriate about $321 million, which had been laundered through the US banking system and then held in accounts in Jersey under the name of Doraville Properties Corporation, a British Virgin Islands company, and Abacha’s son, Mohammed.”
Meanwhile, the new development comes as Britain fights claims that it has been very tolerant of dirty money flowing through the City of London.
US officials said last month that they were concerned that deep links between the UK and several Russian oligarchs meant that sanctions issued against Moscow if it invades Ukraine could be rendered ineffective.
Last Sunday, British Labour MP David Lammy accused ministers of doing too little to deal with corruption in Britain.
Lammy said, “We have to fix the dirty money problem we have, this huge problem of money laundering in London, of corruption and fraud.
“There’s so much that (ministers) are not doing. Joe Biden knows it and he’s concerned.”
But simultaneously, another court tussle in the UK is happening in parallel. At stake is more than €90 million, some of which came from Abacha’s security votes fraud, according to a High Court judgement issued in 2014.
The money is said to be controlled by a Singapore-based trust set up for the benefit of the family of Abubakar Bagudu, the serving governor of Kebbi State, who is accused of playing an “instrumental role” in many of Abacha’s corrupt schemes by US prosecutors.
Bagudu has always denied any wrongdoing. His office did not respond to a request for comment, the report said.
His brother, Ibrahim, is a director of two companies known as Blue Holdings that are owned by the Singapore trust.
According to the Pandora Papers, a leaked cache of documents obtained by the International Consortium of Investigative Journalists last year, the Bagudu brothers enlisted Farrer & Co, an elite London law firm that has advised the Queen, to help them set up these businesses.
They moved €98 million from a British Virgin Islands trust to a new structure spanning Singapore and the Cook Islands.
Farrer & Co said it carried out “extensive due diligence” on Bagudu and that it obtained approval from the Serious Organised Crime Agency (SOCA), the precursor to the NCA, to move the funds.
According to sources familiar with the case, the amount controlled by the Singapore trust may now have grown to as much as €180 million. It is kept in accounts at Waverton Investment Management and James Hambro & Partners, both based in London.
The NCA has been working with American authorities in a bid to confiscate the funds and return them to “the people of Nigeria,” the report stated.
However, the Nigerian government wants them to be returned directly to the country and the parties, including lawyers for Bagudu, have been holding negotiations about a possible settlement, court filings in the US show.
Bagudu struck a deal with the Nigerian government in 2003, in which he agreed to return a sum of money but made no admission of wrongdoing, and the agreement was reaffirmed by Nigerian President Muhammadu Buhari in 2018. What this means, according to the report, is that almost 70 per cent of the UK money could be handed to Bagudu if returned.
Court filings showed the Nigerian government subsequently sought to unlock the funds and repatriate them in legal action against the NCA – a move that was opposed by the UK and US.
The country hired Kingsley Napley, the London law firm famed for representing a host of celebrities, including Rebekah Vardy, to represent it. The firm and the NCA both declined to comment, the report noted.
The report quoted Spotlight on Corruption, a non-profit campaign group, as saying that the case raises questions about whether, “law enforcement is being paid and resourced enough to get its act together”.
It accused the NCA of having effectively “cleaned” the money by approving the transfer to Singapore and warned against returning cash to Bagudu.
However, Jonathan Benton, a former NCA senior detective who now runs consultancy Intelligent Sanctuary, said the case also underlined the sheer complexity of efforts to reclaim Abacha’s loot.
Benton stated, “I care passionately about tackling corruption and it is important we hold people to account.
“But it can be a challenging and drawn-out process and sometimes you have to be pragmatic. In those situations, the law allows you to negotiate. It is repugnant. But Nigeria desperately needs the money that Abacha stole.”
News
London Strengthens Global Investment Ties with Africa @ First Ever London-Africa Business Summit
The Mayor of London, Sadiq Khan, has today hosted City Hall’s first ever London-Africa business summit, bringing together 200 business and political leaders from across the continent to strengthen trade and investment ties between London and Africa.
Held in the heart of the City of London, the summit included the Minister of Trade for Agribusiness and Industry in Ghana and representatives from SOAS, the Nigerian Exchange Group, Ventures 54 and London Africa Network to showcase London as the global city of choice for African companies looking to expand internationally and attract investment.
The Mayor announced the summit during his 2025 trade mission to Nigeria, Ghana and South Africa, where he led a delegation to promote London as a global destination for investment. Since the visit, African businesses have invested more than £30 million into London through foreign direct investment.
117 African organisations are listed on the London Stock Exchange, spanning sectors from telecoms and finance to energy and technology. Companies include telecoms giant Airtel Africa and energy supplier Seplat Energy. By comparison, fewer than 20 African organizations are listed on the New York Stock Exchange, underlining London’s deep economic and cultural links with the continent.
The summit builds on growing economic momentum between the UK and Africa. Total UK-Africa trade reached approximately £52 billion in 2025 despite continued global economic uncertainty, while UK exports to Africa increased to nearly £26.2 billion, reflecting rising demand for UK goods and services across African markets.
Africa is increasingly recognised as one of the world’s most important long-term growth regions, driven by rapid urbanisation, infrastructure investment, population growth and expanding consumer markets.
The UK remains among Africa’s top 10 supplying markets and continues to strengthen trade relationships through agreements covering 18 African countries. There are also huge community links between the UK and Africa. The UK has the second largest Nigerian diaspora population, second only to the US, with an estimated 215,000 Nigerians living here.
The Mayor’s London Growth Plan identified the need to attract more foreign direct investment to help grow London’s economy by £107 billion by 2035 and support the creation of 150,000 good jobs by 2028. London continues to lead as the top destination for African foreign direct investment in Europe and the US, ranking second globally outside Africa behind only Dubai.
The summit also highlighted major opportunities for collaboration across sectors, including financial services, digital technology, education, healthcare, energy transition, infrastructure and the creative industries, with London well positioned to deepen its role as a strategic trade and investment partner for African markets.
The Mayor of London, Sadiq Khan, said: “I am proud to host City Hall’s first ever London-Africa business Summit, bringing together investors, entrepreneurs and businesses to showcase London as the best city in the world for African companies to expand internationally and attract investment.
“With more African companies listed on the London Stock Exchange than any other exchange, it is one of the most globally important growth regions. I am delighted that my African trade mission last year has encouraged both inward investment and outward expansion, creating jobs and further strengthening the links between us. I look forward to more opportunities developing from this Summit as we continue to build a better, more prosperous London for everyone.”
Mr. Mark Smithson, Country Director, UK Department for Business and Trade, Nigeria, and Anglo West Africa said: “The London-Africa Business Forum has brought together ambition, capital and creativity, reinforcing London’s role as a global gateway for African enterprise.
“As we look to the next chapter, we are deepening partnerships that drive sustainable growth, shared prosperity and long-term opportunity across both regions. In Nigeria, we are working closely with key partners, businesses and investors to unlock investment, create jobs and deliver tangible economic outcomes.”
Soren Nikolajsen, Managing Director, Industry Engagement Defence and Trade at Natwest said: “London remains one of the world’s leading destinations for international investment, underpinned by its deep financial expertise and global connectivity. Bringing together investors from across Africa in this way is a valuable opportunity to strengthen relationships, showcase the breadth of opportunity here, and support long-term, mutually beneficial growth.”
Olukorede (K.O.) Adenowo, Chief Executive Officer, FirstBank UK, said: “FirstBank UK is proud to support the strengthening of the Africa–UK corridor, where growing demand for capital and expertise continues to drive cross-border opportunity. London remains a powerful gateway for African businesses seeking to scale internationally, while Africa offers compelling long-term investment potential.
“At FirstBank UK, we are focused on supporting cross-border trade and facilitating capital flows by connecting clients to global markets and structuring bankable opportunities. Through stronger collaboration, we can unlock greater investment and deliver sustainable growth across both regions.”
Dylan Martin, Chief Executive Officer of Teybridge Capital said: “Our expansion in London marks an important milestone for Teybridge Capital Europe and reflects the strength of our growth in the UK market. With over 60 per cent of our client base in the UK, this was a natural step in deepening our presence on the ground and investing in a high-performance, locally based team to support our next phase of growth.”
The Federal Government has received a major boost in its drive to strengthen teacher education and digital learning, as the Government of Japan, through the UNESCO International Institute for Capacity Building in Africa (IICBA), donated ICT equipment and learning materials to 15 teacher training institutions across Nigeria.
Speaking at the official handover ceremony held at the Federal Ministry of Education in Abuja, the Minister of State for Education, Prof. Suwaiba Said Ahmad, described the intervention as a significant contribution to the country’s efforts to improve teacher quality, digital literacy and inclusive education.
She said the donation forms part of a regional initiative launched in 2024 by UNESCO-IICBA, the Government of Japan and the African Union to strengthen teacher training and promote continuous access to safe, quality education for girls in West Africa.
According to the minister, the project, which covers Nigeria, Burkina Faso, Cameroon, Chad, Mali and Mauritania, aligns with the Federal Ministry of Education’s priorities under the Renewed Hope Agenda, particularly in the areas of equity, quality education, digital transformation and inclusion.
“Teachers remain the backbone of every education system. No education reform can succeed without well-trained, motivated and digitally empowered teachers,” Ahmad said, noting that the equipment would modernise teacher training institutions and improve access to digital learning resources.
The beneficiaries comprise 15 federal and state colleges of education spread across Nigeria’s six geo-political zones, including the Federal College of Education, Kontagora; Federal College of Education, Zaria; Federal College of Education (Technical), Gombe; Federal College of Education, Yola; Federal College of Education (Technical), Asaba; Federal College of Education (Special), Oyo.
Others are Federal College of Education (Technical), Umunze; College of Education, Zuba, FCT; Isaac Jasper Boro College of Education; Enugu State College of Education (Technical); Sa’adatu Rimi College of Education, Kano; Adamu Augie College of Education, Argungu; Shehu Shagari College of Education, Sokoto; Adamawa State College of Education, Hong and Taraba State College of Education, Zing.
The donated items include 65 laptop computers, 71 tablets, four desktop computers, five interactive smart boards, 19 all-in-one desktop computers, 14 projectors, 15 printers and 15 backup hard drives.
Ahmad said the facilities would enhance both pre-service and in-service teacher training by promoting innovation, digital competence and learner-centred teaching approaches, while preparing educators for the demands of a technology-driven world.
The event also featured a national consultation on school safety and infrastructure security, with participants discussing strategies for creating safer and more inclusive learning environments.
The minister stressed that safe schools remain critical to achieving quality education, particularly for girls and other vulnerable learners, adding that the ministry would continue to prioritise policies and programmes aimed at strengthening school security.
She further highlighted the ministry’s focus on Technical and Vocational Education and Training (TVET), Science, Technology, Engineering and Mathematics (STEM), girl-child education, quality assurance, data management and digital transformation as key pillars for improving educational outcomes nationwide.
Ahmad also disclosed plans to implement new interventions aimed at empowering female teachers and school leaders in crisis situations through mobile-based learning platforms, as well as programmes designed to integrate out-of-school children into formal education.
She commended UNESCO-IICBA, the Government of Japan, the African Union and other development partners for supporting teacher education in Nigeria and urged beneficiary institutions to utilise the equipment responsibly to improve learning outcomes and build a more resilient education system.
“The equipment will enhance digital literacy among our pre-service teachers and boost the attainment of education goals in Nigeria,” she said.
In their separate remarks, the Director of the UNESCO International Institute for Capacity Building in Africa (IICBA), Dr. Quentin Wodon, and the Chargé d’Affaires of the Embassy of Japan in Nigeria, Hitoshi Kozaki, reaffirmed their commitment to supporting efforts aimed at improving teacher education and expanding access to quality learning opportunities across Nigeria and the West African region.
They noted that the donation of ICT equipment to the beneficiary colleges of education reflects the shared commitment of UNESCO, the Government of Japan and their partners to strengthening the capacity of teacher training institutions, particularly in the area of digital learning.
According to them, equipping teachers with modern technological skills is critical to improving learning outcomes and ensuring that education systems are responsive to the demands of the 21st century.
African electric vehicle (EV) platform Spiro has raised $215 million in equity to scale electric mobility and energy infrastructure across the continent.
The funding is backed by institutional investors including Impact Fund Denmark and Equitane.
The investment will accelerate the expansion of Spiro’s battery-swapping network, industrial footprint and next-generation EV infrastructure across high-growth African markets, the company said.
This funding comes as economies in the region aim to reduce dependence on imported fuel, reinforce energy and industrial sovereignty, and modernise urban transport systems.
Driven by rising fuel costs, growing demand for affordable transportation and increasing policy support for clean energy, investors are backing scalable EV platforms poised to support Africa’s next phase of urban and industrial growth.
Building on support from long-standing institutional partners such as the Fund for Export Development in Africa, Spiro’s latest equity round draws capital from Europe and Africa, reflecting growing global confidence in scalable infrastructure-led business models in emerging markets.
With operations in seven African countries—Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon—and plans to expand local production and enter new markets such as the Democratic Republic of Congo and Ethiopia, Spiro is building one of Africa’s most advanced EV and battery-swapping ecosystems.
Its industrial footprint includes manufacturing plants in Kenya, Rwanda and Uganda, alongside a battery recycling facility in Nigeria.
“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has made sustainable mobility an affordable, everyday reality,” said Gagan Gupta, founder of Spiro and chairman of Equitane.
“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets, providing 6,000 sustainable direct and indirect jobs. Supported by our global investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
Lars Bo Bertram, CEO of Impact Fund Denmark, added: “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make.”
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