Home Finance Abacha loot: FG receives $311m, CBN confirms pay

Abacha loot: FG receives $311m, CBN confirms pay

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Abacha loot: FG receives $311m, CBN confirms pay from General Sanni Abacha

FG has confirmed the receipt of $311m looted by the late military dictator, General Sani Abacha which is generally known as Abacha loot.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami has confirmed the recipient of  $311m of Abacha loot from the United State of America on Monday in a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu.

According to Malami, the federal government of Nigeria has begun the recovery process long before the payment arrives in 2020.

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Malami made known that the legal process to getting the Abacha loot returned to Nigeria began in 2014 while the diplomatic process that birth the signing of the agreement on February 3, 2020, by the governments of Nigeria, United States, and the Bailiwick of Jersey, started in 2018.

$308m Abacha loot was mentioned in an earlier statement in February but due to the delay in the transaction, the money rose to over $311m as a result of the interest that accrued from February 3 to April 28, when the fund was transferred to the Central Bank of Nigeria.

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“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”, Malami concluded.

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