Nigeria receives $311.7m Abacha loot from US, Jersey

The Federal Government on Monday confirmed the receipt of $311.7M from the Abacus loot from the United States and Jersey.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, announced this through a statement by his spokesperson, Umar Ganduje.he said that the Nigerian government on Monday received $311,797,866 of the Abacha loot.

The money was repatriated from the United States and the Bailiwick of Jersey after agreement was reached based on international law and guidelines that sets out the procedures for repatriation of the assets.

According to Gwandu, the amount increased from over $308 million two months ago to $311 million because of the interest that accrued.

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He noted that the litigation process for the return of these assets titled “Abacha III” commenced in 2014, while the diplomatic process that culminated into the signing of the Asset Return Agreement in February.

“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.

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.

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