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FG Receives Over $311m Abacha Loot from US

FG Receives Over $311m Abacha Loot from US

Attorney-General of Federation and Minister of Justice, Abubakar Malami says Nigeria has confirmed the receipt of approximately three hundred and eleven million, seven hundred and ninety-seven thousand, eight hundred and sixty-six dollars and eleven cents ($311,797,866.11) of the Abacha assets repatriated from the United States and the Bailiwick of Jersey.

This is contained in a  statement issued by Umar Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney-General of the Federation and Minister of Justice, and made available to newsmen in Abuja.

According to Malami, the amount increased significantly from over $308million mentioned in a press release issued in February 2020 to over $311million because of the interest that accrued from 3rd February 2020 to 28th April 2020 when the fund was transferred to the Central Bank of Nigeria.

He noted that the litigation process for the return of these assets titled “Abacha III” commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on 3rd February 2020 by the Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced in 2018.

The Minister of Justice who led the negotiation team noted that the Tripartite Agreement and the process towards the implementation represents a major watershed in International Asset Recovery and Repatriation as it seeks to provide benefit to those he describes as victims of corruption.

Malami said the recovered assets will help fast-track three ongoing infrastructure projects namely: the Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.

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