Nigerian govt receives over $311m of the Abacha assets repatriated from the US

The Nigerian Government on Monday announced that it had received $311,797,866 of the Abacha loot from the United States (US).

This was announced by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

The United States and the Bailiwick of Jersey, recently entered into agreement with Nigerian government to repatriate the money.

In a statement by his spokesman, Umar Gwandu, Malami said the amount increased from over $308 million two months ago to $311 million because of the interest that accrued.

According to him, the litigation process for the repatriation of these assets titled “Abacha III” started in 2014, while the diplomatic process that culminated into the signing of the Asset Return Agreement, was in February.

The statement read, “This Agreement is based on international law and cooperation measures that sets out the procedures for the repatriation, transfer, disposition and management of the assets.

“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 (NSIA) within the next fourteen days.

“The NSIA is responsible for the management and execution of the projects to which the funds will be applied.”

The AGF said the money would be expended on Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge projects among others.

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On how to ensure transparency in the management of the returned assets, Malami said the government would “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.”

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