The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has disclosed that the Nigerian government received $311,797,866 (₦121,524,707,038.58) of the Abacha loot.
According to him, the money was recovered on Monday, the 4th of May, 2020 from the United States and the Bailiwick of Jersey after a recent agreement.
Malami, in a statement by his Spokesman, Umar Gwandu, said because of the interest that accrued, the amount increased from over $308 million two months ago to $311 million.
He noted that the trial process for the return of these assets titled “Abacha III” started 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.
“The NSIA is responsible for the management and execution of the projects to which the funds will be applied,” the Minister has said.
According to Malami, the money will be used to fund projects including Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.
To guarantee honest management of the recovered assets, 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.”
