Malami, who briefed State
House correspondents after a seven-hour first FEC meeting in 2020 chaired by
President Muhammadu Buhari, said the funds would be used to finance
Lagos-Ibadan Expressway, Abuja-Kano Expressway, and the Second Niger Bridge.
The Nigerian Government is
set to sign a Memorandum of Understanding with Island of Jersey and the United
States to repatriate looted assets, seized from General Sani Abacha and former
Delta governor, James Ibori.
To this end, the federal
cabinet Wednesday asked the Attorney-General of the Federation and Minister of
Justice, Abubakar Malami, to sign tripartite assets sharing agreement on behalf
of the country to repatriate additional $321m (N116.04bn) looted by the Late
former military Head of State, Sani Abacha.
He said the MoU expected to
be signed next week would also cover assets or funds recovered from James
Ibori, Diezani Allison-Madueke, and Kola Aluko among others.
He said: “It is in line
with that spirit of aggressive recovery of looted assets that the office of
attorney general has been pursuing the recovery of looted assets. We have
overtime been discussing with other jurisdictions including Island of Jersey
and the United States among for the purpose of the repatriation of looted
assets connected to Abacha family, Diezani Alison-Madueke, Kolawole Aluko among
others.
“It is within this contest
that we have now come to terms with this jurisdiction – Island of Jersey,
United States of America and indeed Nigeria by way of negotiating for the
repatriation of a seizable assets.
“As it is, we have
concluded on the understanding that the sum of $321 million will be repatriated
in due course inclusive of James Ibori assets as well.
“So, we are hopeful that by
next week, we will sign the agreement for the looted assets. The assets that
are going to be repatriated are located and in the custody of Island of Jersey.
But the United States of America came on board because it has obtained an order
for forfeiture against the assets, considering that the medium of exchange used
in the looting the assets is the US dollar.
“Arising from that, the
three jurisdictions will naturally be factored into the repatriation processes.
“So, the
amount upon signing the MoU will be remitted from the Island of Jersey within a
number of days agreed upon. Within 28 days, the money will be repatriated from
the Island of Jersey to the United States of America. And thereafter within 45
days, it is agreed by the parties that the United States of America will make
the necessary arrangement for the eventual repatriation to the Nigerian state.
“This is
where we are. The council has looked into the negotiated MoU that is expected
to be signed that will now lay foundation for the eventual repatriation of the
money. The council has graciously approved the execution of the agreement. The
council instructed the attorney general of the federation to be a signatory to
that MoU in preparation of the repatriation of the funds.”
When asked
about the figure of the amount to be repatriated attached to each individual
mentioned, Malami said: “The immediate figure for repatriation as relates to the
agreement expected to be signed next week is $321 million. The $321 million
expected to be repatriated is attached to Abacha and is named Abacha loot.
“As it
relates to James Ibori, expected amount is €6,863,977.12. But the repatriation
of same is being negotiated and processed.
On the
sharing agreement, the minister said, “America and the Island of Jersey are
simply entitled to administrative cost, associated with the management of
funds. So, $10 million was indeed what was earmarked to the two countries and
the balance of $321 million is coming to Nigeria.”
Speaking on
the difference between this Abacha loot and the one linked to the Swiss
authorities, he said: “That of the Swiss authorities was $322 million and has
been fully repatriated and applied in the funding of the budget over the time.
So, this is distinct and separate amount.”— Daily Trust
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