by The Nigerian government, on Tuesday, signed a fresh agreement with the U.S. government for the return of over $23 million looted by the late dictator Sani Abacha.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, represented the federal government at the agreement signing ceremony held at the Federal Ministry of Justice in Abuja on Tuesday.
Mary Leonard, U.S. ambassador to Nigeria, signed the agreement on behalf of her country.
She said $23 million adds to the $311.7 million Abacha loot repatriated from the U.S. to Nigeria in 2020.
Mr Malami, a Senior Advocate of Nigeria (SAN), said the decision to return the fresh tranche totalling $23,439,724, which he termed ‘Abacha-5’, was a product of series of tripartite negotiations between Nigeria, the U.S. Department of Justice and the UK National Crime Agency, NCA.
“It is worthy to note that in line with the terms of this Agreement, Mr. President had already approved the funds to be utilized for the ongoing Presidential Development Infrastructural Funds, PIDF, projects namely; Abuja-Kano Road, Lagos-Ibadan Express Way and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority, NSIA.
“The President’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organization to compete these three projects within the agreed timeline,” the AGF explained.
How Nigeria negotiated return of stolen funds
At agreement signing ceremony, Mr Malami recalled the various efforts of the Nigerian government since 2016 to recover the assets.
“You may all recall that since 2016, the Federal Ministry of Justice (FMOJ), the UK National Crime Agency (NCA) and the U.S. Ministry of Justice (USDOJ) have been working closely with the legal representatives of the Federal Republic of Nigeria to finalize litigations related to Abacha linked assets,” the Justice Minister said.
“Further to the agreement between the parties, the UK High Court granted the NCA a Registration and Recovery Order, dated 28 July 2021 and sealed by the court on 4 August 2021.
“The forfeited Mecosta/Sani assets were subsequently transferred to the NCA which, on 7th of February 2022 held the sum of $23,439,724 pending the execution of the asset return agreement agreed between the FRN and the USA.
“Following the court order, the FRN and the USA have negotiated and finalised the terms of the asset return agreement,” Mr Malami explained.
Repatriated funds to build infrastructure
A major condition for repatriating the looted assets is that the Nigerian government must deploy the funds in funding infrastructure.
“It is worthy to note that, in line with the terms of this agreement, Mr. President (Muhammadu Buhari) has already approved the funds to be utilized for the on-going Presidential Development Infrastructural Funds (PIDF) projects, namely Abuja-Kano Road, Lagos-lbadan Express Way and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA),” Mr Malami said.
He urged the US government to support Nigeria in the efficient and transparent utilisation of the returned funds.
“As partners in the global effort to promote an effective implementation of the United Nations Convention against Corruption, and against the background of constrained economic resources, I urge you to support us in meeting these critical priorities of the FRN by working with us to finish the projects already agreed under the 2020 tripartite agreement among Nigeria, USA, and the Bailiwick of Jersey for the benefit of Nigeria and its citizens,” the minister said.
On her part, the U.S. Ambassador disclosed that the $23.4 million brings it to over $334.7m so far repatriated to Nigeria in the Abacha loot.
Source: premiumtimesng
