The federal government has received $311,797,866.11 as part of recovered assets of the late military head of state, Gen Sani Abacha.
The fund was repatriated from the United States and the Bailiwick of Jersey.
Dr. Umar Gwandu, special assistant on media and public relations, office of the attorney general of the federation and minister of justice, Mr. Abubakar Malami confirmed the receipt in a press statement issued in Abuja on Monday.
He said 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.
He said the litigation process for the return of the assets titled “Abacha III” commenced in 2014 while the diplomatic process that culminated in the signing of the Asset Return Agreement on February 3, 2020 by the governments of Nigeria, US and the Bailiwick of Jersey commenced 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.
The statement cited the $322m recovered from Switzerland in 2018 which it said “is being transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank”.
The statement noted that the recovery effort further consolidates on the established record of the administration of president Muhammadu Buhari-led Federal Government which has a history of recovery of $322m from Switzerland in 2018 which he said, is being transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank.
Malami who led the negotiation team noted that the Tripartite Agreement and the process towards the implementation represent a major watershed in International Asset Recovery and Repatriation as it seeks to provide benefit to the victims of corruption.
“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,” Malami was quoted to have said.
He said the federal government had committed that the assets will support and assist in expediting the construction of three major infrastructure projects across Nigeria, namely: The Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.
“To ensure transparent management of the returned assets, the Nigerian government will also 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 added.
