The Nigerian government will next week sign a deal with the United States and Island of Jersey for the repatriation of $321 million stolen by former dictator, General Sani Abacha.
Minister of Justice and Attorney-General of the Federation, Abubakar Malami told newsmen in Abuja on Wednesday that government was also expecting no less than €6 million from convicted ex-governor of Delta State, James Ibori; as well as proceeds of planned auction of a yatch seized from businessman, Kola Aluko.
The Minister said that the Federal Executive Council (FEC) endorsed the agreement after which, the funds will leave the Island of Jersey for the US within 28 days and from America to Nigeria within 45 days.
The money will be deployed to construction works on Lagos to Ibadan highway in the southwest, Abuja to Kano in the North and a second bridge across the Niger River in eastern part of the country, he explained.
Malami said: “We have overtime been discussing with other jurisdictions, including Island of Jersey and the United States among 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 are 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.
“The immediate figure for repatriation as relates to the agreement expected to be signed next week is $321 million. The government has given commitment that the proceeds of the looted recovery should be applied to Lagos-Ibadan expressway, Abuja-Kano road and the 2nd Niger Bridge.
“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.
“America and the Island of Jersey are simply entitled to administrative cost, associated with the management of funds. So $10 million was indeed what was earmarked to the two countries and the balance of $321 million is coming to Nigeria.”
Asked if there is a difference between this Abacha loot and the one linked to the Swiss authorities, he replied: “That of the Swiss authorities was $322 million and has been fully repatriated and applied in the funding of the budget over the time. So this is distinct and separate amount.”
