US, Jersey Repatriate $311.797m Abacha Loot to Nigeria

• US, Jersey Repatriate $311.797m Abacha Loot to Nigeria

The Federal Government has finally received $311.797 million recovered from the former military head of state, late Sani Abacha.

In a statement released by the Special Assistant on Media and Public Relations to Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, Malami said Nigeria has received approximately $311,797,866.11 from the US and Jersey.

According to the Minister of Justice, “The amount increased significantly from over $308 million as stated in a press release in February to over $311 million because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.”

Malami explained that the litigation process for the repatriation of the asset titled ‘Abacha III’ started in 2014, while the diplomatic process that led to the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey started in 2018.

“This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” he said.

“The recovery effort further consolidates on the established record of the administration of President Muhammadu Buhari-led Federal Government which has a history of recovery of $322m from Switzerland in 2018 which is being transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank.”

The Minister of Justice, who led the negotiation team, stated that the Tripartite Agreement and the process towards the implementation represents a major watershed in International Asset Recovery and Repatriation as it seeks to provide benefit to the victims of corruption.

“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 Minister has said.