The Nigeria Federal Government has on Monday, 4th May, received $311.7 million from the United State Government and the Bailiwick of Jersey as part of the looted money, of Gen. Sani Abacha, the former Nigerian leader.
However, in a statement issued by Dr. Umar Gwandu, the special assistant on Media and Public Relations to the President, the recovery of the money was confirmed by Abubakar Malami, the Attorney General of the Federation.
Well, as disclosed by Malami, the amount increased significantly from over $308 million mentioned in an earlier statement in February to over $311million 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.
“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.
“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 has said.
In addition, he stated that the money will be used to fund projects including Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.
And to ensure transparent management of the returned money, the Nigerian 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.”
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