Politics

With $85m recovered loot in its kitty, FG targets another $321m funds hidden abroad

AGF queries Magu over probe of 1.1bn Malabu oil scam, demands explanation

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday hinted that efforts are in top gear to recover another $321 million looted fund domiciled in Switzerland.

He made the revelation after the Federal Executive Council (FEC) approved the move during its Wednesday weekly meeting.

The development is coming just as the AGF had in October announced that $85 million had been recovered of the amount that should accrue to the country from the controversial Malabu oil deal.

“As you are aware, the Federal Government has been making efforts to recover stolen funds, loot, assets and the efforts have been indeed yielding fruits particularly as it relates to local recoveries. A memo has been presented to council this afternoon by the office of the Attorney General which is intended to shift focus to international recovery.

“Before going into the memo, I think it is important to bring to your attention that recently, about a week ago, we succeeded in recovering 85million dollars relating to Malabu issues from U.K.

“And then, now, there exist a forum, that is Global Assets Recovery Forum, taking place in December in the US and we are looking towards that, we are in agreement substantially with the Swiss for the recovery of additional sum of 321million dollars.

“That memorandum of understanding has been substantially agreed between Nigeria and Swiss. We intend to now execute or to sign off the agreement during the global forum on assets recovery coming up December.

“The intention of the memo, one is to seek the approval of the council to allow the Attorney General to sign the agreement on behalf of the Government of the Federation of Nigeria. Two, is to develop an instrument of ratification which will now give the Attorney General, the powers to ensure the repatriation of the funds.

“It is collectively agreed upon between Nigeria and Swiss that we on own part should seek the approval of council to ratify the MoU as agreed, and they on their own part too, procure the instrument of ratification that will now give the respective officers of the two countries the desire, power and effect to now sign off on the agreement.

READ ALSO: ‘Desperate cabal’ trying to frame me by buying properties abroad in my name- Magu

“The implication of which is that the MoU as negotiated between Nigeria and Swiss has been agreed and ratified by council and then the Attorney General has been mandated to execute the agreement that will see to the repatriation of the 321million dollars and added to it to develop the instrument of ratification that will be expected from both sides of the device which will constitute the basis for the signing of the agreement in December in US during the global forum on assists recovery,” Malami said.

Malami was in the company of the ministers of Information, Lai Mohammed; Agriculture, Audu Ogbeh; Water Resources, Suleiman Adamu; and Minister of Trade and Investment, Okechukwu Enelamah.

 

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