Abacha

OBINNA EZUGWU

The Federal Government of Nigeria has confirmed receipt of fresh $311.7 million looted by late former Head of State, Gen. Sani Abacha, from the United States.

The government which confirmed the receipt on Monday in a statement by Dr Umar Jibrilu Gwandu, Special Assistant on Media and Publicity to the Attorney General of Federation and Minister of Justice, Abubakar Malami, said it received approximately $311,797,866.11 of the Abacha loot from the US and Jersey.

The sum was reportedly repatriated from the United States and the Bailiwick of Jersey.

Gwandu said the amount increased significantly from over $308m stated in a press release in February to over $311m because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.

He said the litigation process for the return of these assets titled “Abacha III” began in 2014, while the diplomatic process leading to the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey kicked-off in 2018.

Gwandu noted further that the agreement was based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets.