Abacha Loot: FG Receives $311M Recovered Assets From US, Bailiwick Of Jersey

The federal government has confirmed the receipt of approximately three hundred and eleven million, seven hundred and ninety-seven thousand, eight hundred and sixty-six dollars and eleven cents ($311,797,866.11) of the Abacha assets repatriated from the United States and the Bailiwick of Jersey.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami stated this in a statement issued on Monday by his Special Assistant on Media and Public Relations, Umar Jibrilu Gwandu.

The statement said Malami noted that the amount increased significantly from over $308million mentioned in the press release issued in February, 2020 to over $311million because of the  interest that accrued from 3rd February, 2020 to 28th April, 2020 when the fund was transferred to the Central Bank of Nigeria.

According to him, the litigation process for the return of the assets titled “Abacha III,” commenced in 2014 while the diplomatic process that
culminated into the signing of the Asset Return Agreement on 3rd
February, 2020 by the Governments of the Federal Republic of Nigeria,
United States of America and the Bailiwick of Jersey, commenced in 2018.

“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.

The statement added that the recovery effort was a consolidation of the established record of the administration of president Muhammadu Buhari.

He said the Buhari administration had previously recovered $322m from Switzerland in 2018, an amount which 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 for the repatriation of the assets, noted that the tripartite agreement and the process towards the implementation was a major watershed in
International Asset Recovery and Repatriation as it sought 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,” the justice minister said.

He said the government of Nigeria had committed to ensuring that the assets would be used to expedite action on the construction of three major infrastructure projects across Nigeria, namely: The Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.

He said Nigeria 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.

“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. The process for the engagement of the CSO monitor has already commenced with the adverts placed in two Nigeria newspapers –
Daily Trust and the Punch (4th March, 2020 and a Notice of Extension
on 17th April, 2020), the Federal Tender Journal (9th and 23rd March,
2020), the Economist (14th March, 2020). The advert can also be found
on the website of the Federal Ministry of Justice – www.justice.gov.ng,” the statement said

“It may be recalled that the recovered funds were laundered through the
U.S. banking system and then held in bank accounts in the Bailiwick of
Jersey. In 2014, a U.S. Federal Court in Washington D.C. forfeited the
money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998
when General Abacha was Head of State. In 2017, the FRN filed a case
in the Bailiwick of Jersey to assert its authority as the owner of these funds and as the victim of the action of General Abacha.”

Furthermore, Malami called for greater cooperation and mutual respect amongst 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.

He also assured Nigerians that the federal government would ensure that returned assets were transparently managed.

“Information regarding the implementation of this project can be
obtained by sending an email to: [email protected],” the statement concluded.