FG receives 3rd tranche of $311m Abacha loot from US

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) on Monday announced that the federal government has received $311 million as third tranche of General Sani Abacha loot from the United States. Malami said the funds received from the US Island of Bailiwick in Jersey, which is  $311, 797, 866.11, increased significantly due to the interest that accrued from 3rd February, 2020 to 28th April, 2020 when the fund was transferred to the Central Bank of Nigeria.

In a statement on Monday by the media aide to the minister, Dr Umar Gwandu, the litigation process for the return of the assets titled “Abacha III” commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on 3rd February, 2020 by the Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced in 2018. “This Agreement is based on international law and cooperation measures that sets out the procedures for the repatriation, transfer, disposition and management of the assets,” he said.