Malami Explains How Nigeria Will Spend £4.2M Ibori Loot

Following revelation that the British Government had agreed to return to the country about £4.2 million looted by former Delta State Governor, James Ibori, the federal government says it has already recruited a credible civil society group to supervise the judicious spending of the recovered funds.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami SAN made this known on Tuesday during the “Signing Ceremony Of The Memorandum Of Understanding Between The Federal Republic Of Nigeria And The Government Of The United Kingdom” regarding the return of the funds stolen by the former governor.

Malami assured the UK government that the expected assets would be channeled towards funding some projects(the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan) in the country that would be beneficial to citizens.

“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 while a reputable Civil Society Organization has been engaged to monitor/supervise the expenditure of the recovered funds on the execution of these critical projects which are evenly spread across the country,” he said.

Meanwhile, the AGF noted that the prosecution of Ibori in a foreign land was made possible due to the magnanimity of the UK government.

He said that the return of the funds was proof the UK was not undermining its relations with Nigeria.

“I wish to remark that today’s ceremony and the recoveries attached thereto has again underscored the fact that international cooperation and mutual trust can yield great benefits for the citizenry in developing countries who are the direct victims of acts of corruption. Hence, the Governments of Nigeria and the United Kingdom have concluded negotiations for the return of £4.2million to Nigeria pursuant to the Memorandum of Understanding earlier executed by the two governments in 2016.

“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. I cannot but observe that what we are witnessing today is a glaring manifestation of the agelong national ties between the Federal Republic of Nigeria and the United Kingdom,” he said.

Furthermore, he stressed that Nigeria will not rest until corrupt elements in the country are prosecuted.

“I am confident that both the Nigerian and British governments remain committed to all affirmative actions to combat corruption/illicit financial flows, ensure that looters do not find comfort or save haven in our territories and also to guarantee that the forfeited or recovered proceeds of corruption are deployed to the benefit of the masses.

“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.