FG Finally Reveals What They Will Be Doing With Abacha’s $300m Loot

Negotiations between Nigeria, the United States of America and the Island of Jersey for the return of fresh $300m from former Head of State, late General Sani Abacha, has reached an advanced stage, Daily Trust heard yesterday.

The Special Assistant to the President on Justice Sector Reform and National Coordinator for Open Government Partnership, Mrs Juliet Ibekaku-Nwagwu, A presidential aide, also said the figures being reported [£210m – equivalent to $267m or N82bn) are wrong.

She said negotiations and litigation on money have been ongoing for over three years between the USA, Island of Jersey and Nigeria. The presidential aide refuted reports that the money will be divided between Nigeria, US and Jersey.

Mrs Juliet Ibekaku-Nwagwu said the decision of the court in Jersey is that the fund belongs to Nigeria, adding that the concluding part of the negotiation is to determine how it would be utilized.

“We have been in court over the fund; finally the court has agreed the money be refunded to Nigeria. The procedure requires that Nigeria, Jersey Island and USA should sign a memorandum of understanding (MoU) on how the funds should be managed,” she said.

“President Muhammadu Buhari has approved that the fund be used for infrastructure. So it would be designated Infrastructure Fund. And when it finally comes to Nigeria, we don’t know how long it would take on the ongoing MoU and asset sharing agreement. When that is finalized, then the Government of Nigeria would now inform Nigerians that the fund has come to Nigeria.

“But the fund is not going to come to Nigeria until all these procedures have been put in place,” she added.

The Solicitor General of the Federation and Permanent Secretary in the Ministry of Justice, who is currently supervising the ministry, did not respond to inquiries through his mobile phone line.

Reports claimed that the ‘fresh’ fund was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company on behalf of Abacha.