The Nigerian Government has revealed that it received the sum of $311m looted by late military Head of State, General Sani Abacha.
This was confirmed by the Attorney-General of the Federation, Abubakar Malami on Monday.
In a statement released by his Special Assistant on Media and Public Relations, Dr. Umar Gwandu, Malami said that the loot was repatriated from the United States and the Bailiwick of Jersey.
He said contrary to the sum of $308m mentioned in an earlier statement in February, the sum increased to over $311m due to the interest that accrued from February 3 to April 28 when the fund was transferred into the Central Bank of Nigeria.
Malami said the legal process to have the money returned to Nigeria began in 2014 while the diplomatic process which led to the signing of the agreement on February 3, 2020 by the governments of Nigeria, United States, and the Bailiwick of Jersey, started in 2018.
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.”
Meanwhile, the United States of America has warned that in any event that fund was not used for the agreed public projects, Nigeria should be ready to refund the $311m.
According to the U.S. Justice Department, the money must be used for the agreed public projects highlighted in the agreement signed with it before the fund was returned to Nigeria.
However, It did not specify how and to whom the money would be “replaced”.