Attorney-General of the Federation and Minister of Justice,
Abubakar Malami, has announced that the Nigerian government on Monday received
$311,797,866 of the Abacha loot.
The money was repatriated from the United States and the
Bailiwick of Jersey after a recent agreement.
Malami, in a statement by his Spokesman, Umar Gwandu, said
the amount increased from over $308 million two months ago to $311 million
because of the interest that accrued.
He noted that 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.
“The NSIA is responsible for the management and execution of
the projects to which the funds will be applied,” the Minister has said.
Malami said the money will be used to fund projects
including Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger
Bridge.
To ensure transparent management of the returned 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.”
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