The federal government says the £4.2m loot recovered from James Ibori, former governor of Delta state, will be used to fund three infrastructural projects including the second Niger bridge.

Abubakar Malami, attorney-general of the federation (AGF), listed the two other projects as the Lagos–Ibadan and Abuja–Kano expressways.

The government had earlier deployed $321 million loot recovered from Sani Abacha, former head of state, for the construction of the same projects.

The fresh loot was seized from Ibori who was convicted of fraud and money laundering by a UK court in 2012.

It will be returned to Nigeria following a memorandum of understanding (MoU) signed on Tuesday by the federal government and the UK.

At the MoU signing in Abuja, Malami said Nigeria remains committed to combating illicit financial flows and ensuring that forfeited or recovered proceeds of corruption are deployed “to the benefit of the masses.”

“It is to be recalled that the Nigerian Government had all along provided the required mutual assistance and backup to the British authorities while the prosecution of James Ibori lasted in London and today, we are rightfully taking benefit of that cooperation,” he said.

“Hence, in consonance with existing framework or model engaged in the management of previous recoveries, the Federal Executive Council under the able leadership of President Muhammadu Buhari has directed that the instant repatriated funds should be deployed towards the completion of the following legacy projects: the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan expressway under the coordination of the Nigeria Social Investment Authority (NSIA) to ensure integrity of the process.”

The minister of justice also said a civil society organisation has been engaged to monitor how the recovered funds will be used to fund the three projects.

“We have established, as a government, a reputation of transparency and accountability of utilization of recovered assets as a nation. These assets will in no way be different in terms of application,” he added.

nony43:
The Federal Government, on Tuesday, said that the £4.2 million recovered from friends and family of James Ibori, a former governor of oil-rich Delta State, would be committed to the timely completion of the Second Niger Bridge, the Abuja-Kano Highway, and Lagos-Ibadan Expressway.

Nigeria’s Attorney General and Minister of Justice, Abubakar Malami, made this known following the signing of agreement between the Federal Government of Nigeria and the government of the United Kingdom for the return of the £4.2 million recovered loot.

nony43:
Is the FG trying to tell me that if not for this loot there are no more ways to source for funds for the bridge? The money was looted from Delta state treasury and should be handed over to them.

Drabeey:



Delta state never said they they lost money... but that money belongs to the state. Funny enough, The money is meant for Delta state purse, for developmental project. Ibori looted it but to Delta state residents Ibori is the best thing after popcorn. Oil rich state no development. Those big money mentioned, yet he absconded with it. Yet their E-warriors attack Tinubu everywhere.