Nigeria To Recover Fresh $321m Abacha Loot

The Nigerian government is set to recover Abacha's $321 million loot from British Crown Dependency, the Island of Jersey, after signing an agreement with the government of the United States.

Attorney-general of the Federation and Justice Minister, Abubakar Malami, during a media brief following the Federal Executive Council meeting said that the federal government was working to recover the loot, and that the money will be repatriated from the Island of Jersey in three months.

He also added that the funds will be allotted to the construction of the Lagos-Ibadan expressway, the Abuja to Kano route, and the construction of the Second Niger Bridge.

According to him, “Council approved the asset sharing tripartite agreement between Nigeria, Island of Jersey and the United States of America for the purpose of repatriation of looted assets.

 “We have overtime been discussing with other jurisdictions including Island of Jersey and the United States among for the purpose of the repatriation of looted assets connected to Abacha family, Diezani Alison-Madueke, Kolawole Aluko among others.

“It is within this contest that we have now come to terms with this jurisdiction – Island of Jersey, United States of America and indeed Nigeria by way of negotiating for the repatriation of sizable assets.

“As it is, we have concluded on the understanding that the sum of $321 million will be repatriated in due course inclusive of James Ibori assets as well.

“So, we are hopeful that by next week we will sign the agreement for the looted assets. The assets that are going to be repatriated is located and in the custody of Island of Jersey.

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“But the United States of America came on board because it has obtained an order for forfeiture against the assets, considering that the medium of exchange used in the looting the assets is the US dollar.

“So, the amount upon signing the MOU will be remitted from the Island of Jersey within a number of days agreed upon, within 28 days.

“The money will be repatriated from the Island of Jersey to the United States of America and thereafter within 45 days, it is agreed by the parties that the United States is America will make the necessary arrangements for the eventual repatriation to the Nigerian state.”