The Federal Government of Nigeria has concluded arrangements for the repatriation of another $321 Million Abacha loot through asset sharing tripartite agreement between Nigeria, Island of Jersey and the United States of America.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, who briefed newsmen after a marathon Federal Executive Council (FEC) meeting today, January 29 at the presidential Villa, Abuja, said that the fund, when it arrives in Nigeria, will be applied to Lagos-Ibadan expressway, Abuja-Kano road and the 2nd Niger Bridge.
“We have overtime been discussing with other jurisdictions including Island of Jersey and the United States among others for the purpose of the repatriation of looted assets connected to Abacha family, Diezani Alison-Madueke, Kolawole Aluko among others.
It is within this context 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 sizable 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 is 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 Inland 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 is America and thereafter within 45 days, it is agreed by the parties that the the United States is 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.”
Abubakar Malami explained that 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.
“In respect of Diezani Alison-Madueke, Kolawole Aluko, what is on ground is yacht, known as Galactica Star. “It has been sold the proceeds is yet to be fully agreed upon. So we will disclose the amount when it is finally agreed upon.”