Federal Government has recovered $311m looted by the late Head of States, Gen. Sani Abacha. 

The Attorney-General and Minister of Justice Abubakar Malami, confirmed the receipt of the $311m repatriated from the USA and Bailiwick of Jersey. 

The Attorney General of Federation and Minister of Justice, Abubakar Malami confirmed the receipt of the money in a statement by his Special Assistant on Media and Public Relations, Dr Umar Jibrilu Gwandu. 

Malami said as at when the money was transferred to the Central Bank of Nigeria, it has increased from over $308m as contained in a statement in February to over $311m due to interest that accrued from February 3, 2020, to 28th April 2020.

According to Malami, the Nigerian Government has been working towards the return of the assets since 2014, while the diplomatic process culminated in the signing of the Asset Return Agreement on February 3,2020.

The transaction is based on international law and cooperation measures, called the 2020 Asset Return Agreement, that allows for the repatriation, transfer, disposition, and management of the assets.

According to the agreement, the fund has been transferred to the Central Bank of Nigeria Asset Recovery designated account and would be paid to the National Sovereign Investment Authority within the next 14 days. 

Malami, however, said the fund will be used in the construction of three major infrastructure projects across Nigeria, including Lagos-Ibadan Expressway, Abuja-Kano Road, and the Second Niger Bridge.


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