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Nigeria Receives $311m Abacha Loot From United States And Jersey

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Nigeria Receives $311m Abacha Loot From United States And Jersey

The Nigerian Government on Monday confirmed the receipt of three hundred and eleven million, seven hundred and ninety-seven thousand, eight hundred and sixty-six dollars and eleven cents ($311,797,866.11) of the Abacha assets repatriated from the United States of America and the Bailiwick of Jersey.

Attorney-General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami SAN, made the confirmation in a press release issued by the Special Assistant on Media and Public Relations, Office of the Attorney-General of the Federation and Minister of Justice, Dr Umar Gwandu.

Mr Malami said that the loot was repatriated from the United States and the Bailiwick of Jersey. He also revealed that the amount increased significantly from over $308 million mentioned in the press release issued in February, 2020 to over $311million because of the interest that accrued from February 3, 2020 to April 28, 2020 when the fund was transferred to the Central Bank of Nigeria.

Mr Malami also stated that legal process to have the money returned to Nigeria began in 2014 while the diplomatic process which led to the signing of the agreement on February 3, 2020 by the governments of Nigeria, United States, and the Bailiwick of Jersey, started in 2018.

“This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” he said.

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Teo-Inspiro

Teo-Inspiro International is a media production company that is changing the narrative by empowering young people with digital skills to showcase the beauty of Africa. We provide photography and video coverage for events, produce films and documentaries that tell the African story and organize training programs on camera handling.

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