Nigeria receives $311m Abacha loot repatriated from US Island of Bailiwick in Jersey

Nigeria government has received $311,797,866.11 from the US Island of Bailiwick in Jersey, as as third tranche of recovered assets of Sani Abacha, former military dictator.

The illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.”

The minister of Justice and attorney general of the federation, Malami said, the amount increased significantly from over $308m as 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.

AGF noted that the litigation process for the return of the assets titled `Abacha III’ commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on Feb. 3 by the Nigeria government, U.S. and the Bailiwick of Jersey, commenced in 2018.

“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.

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 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 funds will assist in expediting the construction of three major infrastructure projects across Nigeria, including Lagos-Ibadan Expressway, Abuja-Kano Road, and the Second Niger Bridge.

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