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AGF assures on recovery of $750 million Abacha loot
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami has expressed optimism over the recovery of $750 million “Abacha loot” anytime soon.
Malami gave this assurance on Tuesday during an interactive session with the House of Representatives Committee in Abuja.
The AGF also hinted that his ministry hopes to recover £6.9 million “Ibori loot” on behalf of the Federal Government.
“In respect of the recovery of looted assets, the ministry will engage in a waive policy of using Mutual Legal Assistance Agreements or other bilateral and multilateral instruments to seek cooperation with other jurisdictions to ensure the repatriation of illicitly- acquired assets in foreign jurisdictions,” he said.
Read also: FG moves to retrieve $300m loot from Swiss govt
“The collaboration will equally involve the engagement of foreign- based counsels to attend to matters on behalf of the federal Government. Low- hanging fruits being targeted in this initiative include $750 million ‘Abaca loot’ as well as the sum of GBP 6.9 million of the ‘Ibori loot’. On the long run, the ministry will be in a position to coordinate the recovery of Billions of Dollars in foreign jurisdictions, based on current estimations.”
The minister also revealed that the country owes N75 billion in judgment debts. “It is equally necessary to highlight the fact that the ministry’s current liability for judgment debt is in the region of N75 billion. The ministry has however proposed the sum of N 16 billion to meet a portion of the outstanding sum in 2016, out of which the Budget Office has proposed an extremely low sum of N 709, 155, 140.00 which does not meet even 1 percent of the outstanding judgment debts,” he said.
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