Abacha Loot: US, Island of Jersey to Pay Nigeria $318m

• Abacha Loot: US, Island of Jersey to Pay Nigeria $318m

The United States of America and the Island of Jersey will paid Nigeria $318,460,329 stashed away by the former head of state, General Sani Abacha.

According to the Attorney General of the Federation, Mr Abubakar Malami, the stolen fund will be repatriated within 72 days.

Speaking on Channels Television, Malami said: “Every other thing is set and fully consummated in terms of the agreement amongst the entrusted parties – the Island of Jersey, United States of America and the Federal Government of Nigeria. The agreement has been signed and executed and we are looking forward towards the repatriation of the looted money.

When asked the money location at the moment, the minister said, “The money as it is, is in the custody of Island of Jersey where it was deposited.

“So that brings about the parties of interest to be the Island of Jersey where the money was stashed, the USA which initiated the judicial process for the repatriation of the money and Nigeria which is indeed the victim; so the common agreement that was reached is that within 27 days, the money will leave the custody of Island of Jersey down to the USA and within 45 days the money will be repatriated to Nigeria.

“We are looking at around 72 days from Tuesday when the tripartite agreement was signed and executed by the party.”

The minister said the fund will be used to finance three major projects, these are the Lagos-Ibadan Expressway, the Abuja – Kano Expressway, and the Second Niger Bridge.