Nigeria has received $311,797,866.11 million of the repatriated looted assets by late military ruler, Sani Abacha, Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said on Monday.
Mr Malami confirmed receipt of the funds from the United States and the Bailiwick of Jersey in a statement by his Special Assistant on Media and Public Relations, Umar Gwandu.
“The amount increased from over 308 million US dollars mentioned in the press release issued in February to 311,797,866.11 million dollars following the accrued interest from Feb. 3 to April 28 when the fund was transferred to the Central Bank of Nigeria,” Malami said in the statement.
He noted that the litigation process for the return of the assets titled `Abacha III’ commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on February 3 by the Nigerian government, US and the Bailiwick of 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.
Malami said the recovery effort consolidated on the established record of the administration of President Muhammadu Buhari which has a history of recovery, including that of $322 million from Switzerland in 2018.
“These recoveries are transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank,” he said.
The minister who led the negotiation team noted 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,” he said.
Malami said the government of Nigeria has committed that the assets will support and assist in expediting the construction of three major infrastructure projects across Nigeria.
“The projects are the Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge,’’ he explained.
He said that the Federal Government is in the process of establishing a Project Monitoring Team to oversee the implementation of the projects and report regularly on progress made to the public.
The recovered funds were laundered through the US banking system and then held in bank accounts in the Bailiwick of Jersey.
In 2014, a US Federal Court in Washington D.C. ordered forfeiture of the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when Abacha was Head of State.
In 2017, the Federal Government filed a case in the Bailiwick of Jersey to assert its authority as the owner of these funds and as the victim of the action of Abacha.
