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Abacha loot: FG receives $311 million from America

The federal government, has confirmed the receipt of $311 million looted by General Sani Abacha on Monday 4th May, 2020.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in a statement by his Special Assistant on Media and Public Relations, Umar Gwandu, said approximately $311,797,866.11 of the Abacha loot was repatriated from the US and Jersey.

According to Mr Malami, “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.”

The justice minister noted that the litigation process for the return of these asset titled “Abacha III” commenced in 2014, while the diplomatic process that culminated in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced 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.”

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