The federal government is poised to sign a memorandum of understanding for the repatriation of $321 million loot traced for late Head of State, General Sani Abacha.
This followed the approval, on Wednesday by the meeting of the Federal Executive Council (FEC), of an asset tripartite sharing agreement among Nigeria, the Island of Jersey and the United States.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, revealed this while briefing State House correspondents after the meeting presided over by President Muhammadu Buhari.
He said the discussion was also on concerning the repatriation of money seized from former Delta state governor, James Ibori; former minister of Petroleum, Deizani Allison-Maduekwe and her associate, Kola Aluko.
The Attorney General said even though the Abacha money is domiciled in the Island of Jersey, the United States will be involved in its repatriation process because it is denominated in US dollars.
Malami said both the US and the Island of Jersey will receive $10 million as administrative charges.
He said the money should be repatriated in about two months.
Malami recalled that President Buhari has already approved that the recovered fund be applied to the Lagos-Ibadan expressway, Abuja-Kano road and the 2nd Niger Bridge projects.
“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” Malami said.
“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 of America and thereafter within 45 days, it is agreed by the parties that the United States of America will make the necessary arrangement for the eventual repatriation to the Nigerian state” he said.
He further explained: “The immediate figure for repatriation as relates to the agreement expected to be signed next week is $321 million.”
“The $321 million expected to be repatriated is attached to Abacha and is named Abacha loot.”
“As it relates to James Ibori, the expected amount is €6,863,977.12. But the repatriation of same is being negotiated and processed.
Also, the recovery of Deizani Allison-Maduekwe loots are ongoing and the proceeds from the sales of her associate, Kola Aluko’s ‘Galactica Star’, a 65-metre super yacht.
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