FG receives $311m Abacha loot from US and Bailiwick of Jersey - hopenewcircle.com
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FG receives $311m Abacha loot from US and Bailiwick of Jersey

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FG receives $311m Abacha loot from US and Bailiwick of Jersey

The Federal government has received $311,797,866.11, the third tranche of the former head of state, late General Sani Abacha loot, from the United States and the Bailiwick of Jersey.

Attorney-General of Federation and Minister of Justice, Abubakar Malami, disclosed this in a statement released today May 4 by his Special Assistant on Media and Public Relations, Dr Umar Gwandu.

According to 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.

Malami said 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, Malami said the government would 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.

He 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 U.S. banking system and then held in bank accounts in the Bailiwick of Jersey.

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