FG receives $311m Abacha Loot

The Federal Government, on Monday announced the receipt of $311m looted by the late military dictator, Gen. Sani Abacha.
This was disclosed by the Attorney General of Federation and Minister of Justice, Abubakar Malami, in a statement by his Special Assistant on Media and Public Relations, Dr Umar Jibrilu Gwandu.
According to the AGF, approximately $311,797,866.11 of the Abacha loot was repatriated from the US and Jersey.
Malami explained that the loot increased from over $308m as claimed 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 AGF noted that the litigation process for the return of these assets titled “Abacha III” commenced in 2014, while the diplomatic process culminating in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced in 2018.
“This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” Malami said.
The repatriated funds happened in spite of opposition from some members of the US Congress over allegations of corruption by the Muhamamdu Buhari-led federal government.
Buhari’s government had been accused of planning to hand over about $110m of the funds to Atiku Bagudu, Kebbi State governor and ally of the late Abacha.