The Federal Government has today confirmed the receipt of the $311m as part of the former Military leader, Gen. Sani Abacha loot.
The loot was repatriated from the Bailiwick, Jersey, United States.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami disclosed this through his special assistant on media and public relations, Dr Umar Jubril Gwandu who said, approximately $311,797,866.11 of the Abacha loot was repatriated back to Nigeria from the United state of Jersey.
According to the CJN, the amount increased significantly from over $308 as stated in a press release in February 3rd 2020, to 28th April 2020 when the fund was initially transferred to the central bank of Nigeria.
Malami explained that the litigation process that facilitated the repatriation of the said money titled “Abacha III” commenced in 2014, while the diplomatic process materialises during the signing of the Asset Return Agreement on February 3rd, 2020 by the Federal government and the United state and Jersey commenced in 2018.
He revealed that based on the international law and corporation measures that kick-started the procedure for the repatriation, transfer, deposition and management of the asset.
According to the statement, the recovery effort further consolidates on the established record by the government of President Buhari to by all means possible to recover the looted money that was taken away from Nigeria.
In a similar manner, $322m was recovered from Switzerland in 2018 which was judiciously spent according to the agreement the government made on it with the world bank and the government of Switzerland, and now this $311 m.
Malami who championed the negotiation explained that the tripartite Agreement and the process towards the implementation represent a major watershed in the international asset recovery and Repatriation as a prove to the victim of corruption that it can be reversed.
In his statement which partly reads, “In line with the 2020 Asset Return Agreement, the fund has been transferred to a Central Bank of Nigeria Asset Recovery designated account and would be paid to the National Sovereign Investment Authority within the next fourteen days.
The NSIA is responsible for the management and execution of the projects to which the funds will be applied.”
He added as earlier agreed by the federal government, the money would be spent on Lagos-Ibadan Expressway, Abuja-Kano Expressway and the Second Niger bridge.
Currently, the federal government is set to establish a monitoring team that will be in charge of reporting to the government as the work progresses.
Malami added, “To ensure transparent management of the returned assets, the Nigerian government will also engage a civil society organisation, who has combined expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight.
“The process for the engagement of the CSO monitor has already commenced with the adverts placed in two Nigeria newspapers – Daily Trust and The PUNCH (4th March 2020 and a Notice of Extension on 17th April 2020), the Federal Tender Journal (9th and 23rd March 2020), the Economist (14th March 2020).
The advert can also be found on the website of the Federal Ministry of Justice.
“It may be recalled that the recovered funds were laundered through the US banking system and then held in bank accounts in the Bailiwick of Jersey.
In 2014, a US Federal Court in Washington D.C. forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.”
