The Federal Executive Council (FEC) has approved the commencement of the return of stolen assets from the United States.
The agreement on the repatriation of looted funds is expected to be signed next week. While the looted assets of $321 million allegedly belonging to late General Sani Abacha are also expected to be repatriated from Island of Jersey.
The decision to repatriate the loot was reported to have been taken at the Federal Executive Council meeting presided over by the President Muhammadu Buhari on Wednesday, January 29, 2020.
On his part, Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami said, based on the Memorandum of Understanding reached by the three parties, the money would be spent on ongoing projects in the country.
Some of the projects include the Lagos-Ibadan Expressway, the 2nd Niger Bridge and the Kaduna-Kano Expressway, Punch reports.
The minister also said the Federal Government is ready to repatriate a separate €6.8m looted by former Governor of Delta State, Mr James Ibori, but added that negotiations is yet to start.
According to Malami, discussions would soon begin on the looted assets connected to a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.
