FG receives $311m Abacha loot

0
MetroStart-Featured-Image-2
firstbank

The Federal Government of Nigeria has confirmed the receipt of $311m looted by the late military dictator, Gen. Sani Abacha. The loot was repatriated from the United States and the Bailiwick of Jersey.

Abubakar Malami, disclosed this in a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu

According to Dr Gwandu, the money is approximately $311,797,866.11.

Malami said the repatriated fund increased significantly from over $308m to over $311m because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.

He said, “This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” he said.

The former Head of State reportedly laundered the recovered funds through the US banking system and then held in bank accounts in the Bailiwick of Jersey.

In 2014, a US Federal Court in Washington D.C. forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.

READ  FG hikes fuel price