FGN Receives $311m Abacha Loot From The United State

-YOMMY AYILARA.

FG Receives $311m Abacha Loot.

 

The Federal Government, on Monday, the 4th of May, 2020 confirmed the receipt of $311m looted by the late military dictator, Gen. Sani Abacha.

 

It was obtained that the loot was repatriated from the United States and the Bailiwick of Jersey.

 

The Attorney General of Federation and Minister of Justice, Abubakar Malami, explaied in a statement by his Special Assistant on Media and Public Relations, Dr Umar Jibrilu Gwandu, that approximately $311,797,866.11 of the Abacha loot was repatriated from the US and Jersey.

 

According to Malami, the amount boosted considerably from over $308m as claimed in a press release in February to over $311m because of the income that accrued from February 3, 2020, to 28th April, 2020, when the fund was conveyed to the Central Bank of Nigeria.

 

The AGF remarked that the litigation process for the return of these assets titled β€œAbacha III” started in 2014, while the diplomatic process concluded in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced in 2018.

 

In his words ;
β€œThis agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets.”

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