Abacha Loot: What We’re Doing About Fresh $300m – FG

The Federal Government has said it is negotiating with the US and the Island of Jersey for the return of another $300m from former Head of State, late General Sani Abacha.

We understands that the Special Assistant to the President on Justice Sector Reform and National Coordinator for Open Government Partnership, Juliet Ibekaku-Nwagwu, made the revelation.

According to her, figures being reported [£210m – equivalent to $267m or N82bn) are wrong.

She was quoted as saying by Daily Trust on Wednesday that negotiations and litigation on money have been ongoing for over three years between the USA, Island of Jersey and Nigeria.

This is as she denied reports that the money will be divided between Nigeria, US and Jersey.

“We have been in court over the fund; finally the court has agreed the money be refunded to Nigeria,” she noted.

“The procedure requires that Nigeria, Jersey Island and USA should sign a memorandum of understanding (MoU) on how the funds should be managed.

“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 finalised, 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.”