The optimism
stems from a recent comparison of notes between top US and Nigerian officials
on the looted funds, which were spread in many banks and commercial ventures in
America.
The Attorney General of the Federation, Abubakar Malami, confirmed to
Vanguard, weekend, that there had been an appreciable progress between
officials of the two nations over the repatriation of the cash to Nigeria.
Malami,
Minister of Justice, explained that the decision to return the funds followed
his recent visit to the US in company of acting Chairman of Economic and Financial
Crimes Commission, EFCC, Ibrahim Magu, during which they met with the
Department of Justice and other relevant agencies over the matter.
“The money
that is due for immediate repatriation is $480 million (N95b) and we are
confident that we have reached a point that it will be drawn down before long,”
the minister said.
US had,
however, given Nigeria some undisclosed conditions to meet before the money
would be drawn down, apparently to prevent a repeat of what happened with such
funds during previous administrations.
The Abacha
cash is said to have been revealed, following the forfeiture hearings against
the family and others conducted by the US Department of Justice, DoJ, over the
years to track the funds from different banks and entities. The proceedings
made it possible for the Abacha family and its associates to forfeit over $550
million and £95,910 in 10 accounts and six investment portfolios linked to them
in France, Britain, British Virgin Islands and the United States.
On efforts so
far made to stem looting in Nigeria, Malami said: “I can tell you that the Buhari
administration is leaving no stone unturned in ensuring that all looted
Nigerian funds are retrieved and those found to have aided and abetted same
brought to justice to serve as a deterrent to potential looters.’’ Malami was
optimistic that the repatriation of the huge cash would send a clear and stern
signal to corrupt Nigerians that there was no safe haven anywhere to keep
stolen Nigerian funds.
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