Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has announced that the Nigerian government on Monday received $311,797,866 of the Abacha loot.

The money was repatriated from the United States and the Bailiwick of Jersey after a recent agreement.

Malami, in a statement by his Spokesman, Umar Gwandu, said the amount increased from over $308 million two months ago to $311 million because of the interest that accrued.

He noted that the litigation process for the return of these assets titled “Abacha III” commenced in 2014, while the diplomatic process that culminated into the signing of the Asset Return Agreement in February.

“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.

Malami said the money will be used to fund projects including Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.

To ensure transparent management of the returned assets, 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.”

Source: https://dailypost.ng/2020/05/04/breaking-buhari-govt-receives-312m-abacha-loot-from-us/

Now some people just got richer.

Sen. Chris the IPOB sympathiser and all those who rejoiced before, how far?

I thought a US Senator moved against the repatriation of those funds? Either ways, it's our money and we can only hope they use it well instead of embezzling it.

It would have been better if the US gave them a condition to spend it on a particular sector of the economy instead of just handing it over. Nigerian politicians are the ones killing this country.

Update: based on agreement, the funds are to be spent on Lagos-Ibadan, Kano-Abuja and 2nd Niger Bridge projects. Fair enough.

Buhari and his gengs don cash out again!!

R

oluwadabira111:
Buhari and his gengs son cash out again!!

Shut up

The significant thing about this recovered loot is that it is tied to three strategic projects that are located in three strategic locations in such a way that most Nigerians will benefit. Balanced arrangement.

Above all, COVID-19 or not, work will continue on these key projects towards completion. Excellent!

Quite magnanimous of Trump...

LordviccoDaGuru:


Shut up

Oya come and shut me up

Nigerian polithiefcians on hearing dis news and knowing alert dey come.....

[img]https://media1./images/d5bd4e441ed3a7a4606e31c41a2b16c5/tenor.gif?itemid=15595949[/img]

Governor Atiku Bagudu is laughing in dollars.

good

The should use it for the good of Nigeria.

Looting 2.0 loading

TheGiftedOne:





Now some people just got richer.

Buhari participates in Summit of Non-Aligned Movement to combat COVID-19

Read more

https://centvick..com/2020/05/buhari-participates-in-summit-of-non.html?m=1

Watch how Buhari will give half of this money to his friend Bagudu in the coming days and claim to have distributed the other half to imaginary poor people on the stReets of the north

So it was even GEJ and crew that initiated the repatriation of Abacha's loot.

Hope this administration will not say they’ve given it all out to the poorest of the poor and no one will know anyone that has received alert.

Guess the government will not loot/reloot this one.

APC is scam. I hate that party

SocialJustice:
Governor Atiku Bagudu is laughing in dollars.

Bagudu wont get a kobo out of the money. There is already a signed agreement on how to expend the money and if you read the OP very well, you will see where the minister stated clearly that the money will be paid into the account of NSIA within fourteen days. The money will go into funding major projects such as: Lagos-Ibadan, 2nd Niger bridge, Abuja-Kanoroad etc.

Ewoo

Money don set for the poorest of the poor oh.

seunmsg:


Bagudu wont get a kobo out of the money. There is already a signed agreement on how to expend the money and if you read the OP very well, you will see where the minister stated clearly that the money will be paid into the account of NSIA within fourteen days. The money will go into funding major projects such as: Lagos-Ibadan, 2nd Niger bridge, Abuja-Kanoroad etc.

Abegi, is it not our Nigeria again. His money will be given to him one way or the other.

Ahaps.

An equally stupid and corruption-driven collection of Nigerian followers have no confidence in a visionless, clueless and corrupt-ridden Nigerian leadership. Nigeria is a circus of selfish, myopic, and I suspect, mentally unstable people - leaders and followers alike - who do not know that they are not normal.

Which second niger bridge are they funding.....most of the money us being contributed by Julius berger.How many times are they funding it!.Total amount $653million dollars,while federal government is funding only $150million,with JB funding the rest.

It will still end up in there pockets again.

That's why my community refused to disclose we recently discovered Gold deposits in our community for fear of the North, they will mine it and send the money to the North and others will end in their pockets or foreign bank accounts like Abacha did with Niger Delta Oil.

We'll leave our Gold deposit there till we find a better way of mining it to better the lives of our people.

Enough is Enough

another news source confirmed

Nigerian Govt Receives $311m Abacha Assets From US, Jersey
Channels Television
Updated May 4, 2020

https://www.channelstv.com/2020/05/04/nigerian-govt-receives-311m-recovered-abacha-assets-from-us-jersey/



General Sani Abacha was a Nigerian military Head of State in the 1990s.

The Nigerian government has received $311,797,866.11 recovered assets of General Sani Abacha repatriated from the United States and the Bailiwick of Jersey.

The Attorney-General of Federation and Minister of Justice, Abubakar Malami, confirmed this on Monday in a statement by the Special Assistant on Media and Public Relations at his office, 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.

He noted that 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 commenced in 2018.

The agreement was signed on February 3 by the governments of Nigeria, the United States, and the Bailiwick of Jersey.

“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,” he said.

According to the statement, the recovery effort consolidates on the record of the Muhammadu Buhari administration which has a history of recovery of $322m from Switzerland in 2018.

It added that the recovered loots were transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with Switzerland and the World Bank.

Malami, who led the negotiation team, noted that the tripartite agreement and the process towards the implementation represented a major watershed in International Asset Recovery and Repatriation as it sought to provide benefit to the victims of corruption.

He said, “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 insisted that 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.

He revealed that a U.S. Federal Court in Washington D.C. forfeited the money in 2014, as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period when General Abacha was Head of State from 1993 to 1998.

Malami added that in 2017, the Nigerian government filed a case in the Bailiwick of Jersey to assert its authority as the owner of the funds and as the victim of the action of General Abacha.

He, therefore, called for greater cooperation and mutual respect among countries in the implementation of expeditious cooperation measures already set out in the United Nations Convention Against Corruption, and in the implementation of the Global Forum on Asset Recovery (GFAR) principles on the repatriation of stolen assets.

The minister assured Nigerians that the government would ensure that the returned assets were transparently managed.

Good one...

Good news

Knowing fully well that we need to know if any will be given to Bagudu, he simply avoided it.

Normal Nigerian way, once it enters Nigeria, trace will lost.

Ok

Before Sinzu there were men.
Abacha doing giveaway even from the grave!!!
I pray to be an Abachanaire....