BREAKING: FG receives $311m Abacha loot

Forum 4 years ago

BREAKING: FG receives $311m Abacha loot

Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, has announced that the Nigerian government has received $311,797,866 of the Abacha loot from the United State Government and the Bailiwick of Jersey.

The attorney general in a statement by his Spokesman, Umar Gwandu, said the amount increased from over $308 million two months ago to $311 million due to the accrued interest.

Gwandu also said the litigation process for the return of these assets began some 6 years ago while the diplomatic process that culminated into the signing of the Asset Return Agreement started early this year.

“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 added.