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
(CBN).
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.