The Federal Government of Nigeria under the leadership of President Muhammadu Buhari has on Monday, May 4 received the Three-Hundred-And-Twelve-Million Dollars ($312m) Abacha loot from the United State.
The development was disclosed in a statement on Monday by Umar Gwandu, spokesperson to Attorney-General of the Federation and Minister of Justice, Abubakar Malami, who noted that the $311,797,866 of the Abacha loot has been delivered to the Nigerian government.
Naija News understands that the said money was repatriated from the United States and the Bailiwick of Jersey following a series of deliberations.
The Attorney General in the statement revealed that the Abacha loot which process started since 2014 from an initial $308 million to $311 after two months due to interest that accrued.
He said, “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 in February.”
“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.
He added, “The NSIA is responsible for the management and execution of the projects to which the funds will be applied,”
Speaking about how the money would be utilized by the Buhari administration, Malami said, “the money will be used to fund projects including Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.”
“The Nigerian government promised to 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,” Malami assured.