Federal Government has confirmed the receipt of $311m looted by late military dictator, General Sani Abacha.
Attorney-General of the Federation and Minister of Justice, Abubakar Malami, confirmed this on Monday in a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu.
Malami said that the loot was repatriated from the United States and the Bailiwick of Jersey.
He noted the amount increased significantly from over $308m mentioned in an earlier statement in February to over $311m as a result of the interest that accrued from February 3 to April 28, when the fund was transferred to the Central Bank of Nigeria (CBN).
Malami said the legal process to have the money returned to Nigeria began in 2014 while the diplomatic process which led to the signing of the agreement on February 3, 2020 by the governments of Nigeria, United States, and the Bailiwick of Jersey, started in 2018.
He said;
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.
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 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.
