Federal Government receives $311 million Abacha loot

On Monday 4th May 2020 the Federal Government has confirmed that it has received $311 million dollars Abacha loot repatriated from the US and the  Bailiwick of Jersey.

According to Attorney General of the Federation and Minister for Justice Mr Abubakar Malami through his Special Assistant on Media and Public Relations, Dr Umar Jibrilu Gwandu, said approximately $311,797,866.11 of the Abacha loot was repatriated from the US and Jersey.

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According to Me Malami the amount increased significantly from over $308m as stated in a press release in February to over $311m because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.

The  litigation process for the return of these assets titled “Abacha III” commenced in 2014, while the diplomatic process culminated in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced in 2018 he said.

Read also: https://thegistnaija.com/court-fine-fg-1m-for-disrupting-revolution-now-protest/

It is no news that the Administration of president Buhari had history of receiving returned Abacha loot.

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