Sunday, March 3, 2024

FG set to repatriate fresh $321m Abacha loot

The Federal Executive Council (FEC) has approved the commencement of the repatriation of stolen assets from the United States.

The agreement on the repatriation will be signed next week.

The looted assets to be repatriated from Island of Jersey belonging to the late Nigerian military dictator Sani Abacha, is  $321 million.

Others to be repatriated include that of former Minister for Petroleum Resources, Diezani Alison-Madueke, Kolawole Aluko and James Ibori, who was governor of Delta State from 1999 to 2007 put at €6.6 million.

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Addressing State House Correspondents at the end of the meeting, Attorney General of the Federation and Minister of Justice, Abubakar Malami, said  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.

He recalled that during Buhari’s first term, his administration has succeeded in the recovery of looted asset by over  1,300 percent.

Asked the amount to be repatriated attached to each individual mentioned, Malami said: “The immediate figure for repatriation as it relates to the agreement expected to be signed next week is $321 million. The government has given commitment that the proceeds should be applied to Lagos-Ibadan expressway, Abuja-Kano road and the 2nd Niger Bridge. The $321 million expected to be repatriated is attached to Abacha and is named Abacha loot.

“As it relates to James Ibori, expected amount is €6,863,977.12. But the repatriation of same is being negotiated and processed.

“In respect of Diezani Alison-Madueke, Kolawole Aluko, what is on ground is yacht known as Galactica Star. It has been sold; the proceeds is yet to be fully agreed upon. So, we will disclose the amount when it is finally agreed upon.”

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On the sharing agreement, the AGF explained: “America and the Island of Jersey are simply entitled to administrative cost associated with the management of funds. So, $10 million was indeed what was earmarked to the two countries and the balance of $321 million is coming to Nigeria.”

The authorities in Jersey in June 2019 announced that they had seized more than $267 million from the family and associates of late Abacha.

According to Jersey’s Civil Asset Recovery Fund, the laundered funds recovered from confiscated assets, belonging to the son of the late dictator, Mohammed Abacha, were “derived from corruption” during Abacha’s rule.

The money was found in a Channel Islands account held by Shell Company Doraville Properties Corporation.

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