Mohammed Sani Abacha bonds ruled proceeds of crime

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Mohammed Sani Abacha’s investment bonds were ruled proceeds of crime by the High Court, reported on 16 March 2015. The US$6.5 million (€6.13 million) bonds were held in a Dublin-based HSBC Life Europe account and were linked to the family of late Nigerian military dictator General Sani Abacha.

Mr Justice Raymond Fullam found the bonds were held for Mohammed Sani Abacha’s benefit after accepting Criminal Assets Bureau evidence that money taken illegally from Nigeria had been laundered through Switzerland, London and New York. The judge ordered that the monies be dealt with under the Proceeds of Crime Act and appointed a receiver.