FG to repatriate fresh $321million Abacha loot, to be spent on road construction

Another $321 million looted by the late General Sani Abacha would be returned to the country soon as the Federal Government (FG) disclosed that it had made a tripartite agreement with the Island of Jersey and the United States of America.

Nairametrics understands that the agreement, which was decided upon at the Federal Executive Council meeting in Abuja on Wednesday, would be signed by the three countries next week.

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The $321 million loot, which is presently in the Island of Jersey, would pass through the US Government before finally reaching Nigeria.

How the funds would be deployed: According to the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, the funds would be spent on road construction. He said that it would be used for the construction works on Lagos to Ibadan highway in the south-west, Abuja to Kano in the north and a Second Niger bridge across the Niger River in the eastern part of the country.

Malami’s words“The immediate figure for repatriation, as it relates to the agreement to be signed next week, is $321m.  The government (Nigeria) has indeed given commitment that the proceeds of the looted assets, after recovery, should be applied to the Lagos-Ibadan Expressway, Abuja-Kano road and the 2nd Niger Bridge.

“The $321m expected to be repatriated is attached to Abacha and it is named Abacha loot. The US came on board because it has obtained an order for forfeiture against the assets, considering that the medium of exchange used in the looting the assets is the US dollar.”

“Arising from that, the three jurisdictions will naturally be factored into the repatriation processes. So, the amount upon signing the MOU will be remitted from the Island of Jersey within a number of days agreed upon. Within 28 days, the money will be repatriated from the Island of Jersey to the United States of America and thereafter within 45 days, it is agreed by the parties that the United States of America will make the necessary arrangement for the eventual repatriation to the Nigerian state,” he told Punch.

Meanwhile, the minister also said the Federal Government was ready to repatriate a separate €6.8 million looted by former Governor of Delta State, Mr James Ibori but added that negotiations had not started on the loot.

Malami also made known that discussions would soon begin for looted assets connected to former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.

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