Nigeria Recovers $312m Abacha Loot from US

May 4, 2020
Abacha Loot

By Adedapo Adesanya

The Nigerian government has announced the recovery of $312 million repatriated from the United States and the Bailiwick of Jersey.

According to the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, a total of $311,797,866.11 was received.

Announcing receipt of this ‘Abacha Loot’ through his Special Assistant on Media and Public Relations, Mr Umar Gwandu, on Monday, Mr Malami said the amount increased significantly from over $308 million in February to over $311 million 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)

He noted that the litigation process for the return of the funds titled ‘Abacha III’ commenced in 2014 while the diplomatic process that culminated in the signing of the Asset Return Agreement commenced in 2018.

Business Post had reported that an agreement was signed on February 3, 2020 by the governments of Nigeria, the United States, and the Bailiwick of Jersey.

“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,” he said.

According to the statement, the recovery effort consolidates on the record of the Muhammadu Buhari administration which has a history of recovery of $322 million from Switzerland in 2018.

It added that the recovered loots were transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with Switzerland and the World Bank.

The Attorney-General, who led the negotiation team, noted that the tripartite agreement and the process towards the implementation represented a major watershed in International Asset Recovery and Repatriation as it sought to provide benefit to the victims of corruption.

He said, “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 insisted that the latest recovery would support and assist in expediting the construction of three major infrastructure projects across Nigeria – Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.

He revealed that the government was 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.

In order to ensure transparent management of the returned assets, Mr Malami said the government would engage a Civil Society Organisation (CSO) 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.

He also noted that the process for the engagement of the CSO monitor has already commenced with the adverts placed in two local newspapers.

The recovered funds, according to the minister, were laundered through the US banking system and then held in bank accounts in the Bailiwick of Jersey.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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