Malami, who disclosed this on Monday in a statement by his Special Assistant on Media and Public Relations, Dr. Umar Gwandu, said the amount increased significantly from over $308 million mentioned in a statement issued in February, 2020 to over $311 million because of the interest that accrued from February 3, 2020 to April 28, 2020 when the fund was transferred to the Central Bank of Nigeria (CBN).
He noted that the litigation process for the return of these assets entitled, “Abacha III” commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on 3rd February, 2020 by the governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced in 2018.
“This agreement is based on international law and cooperation measures that sets out the procedures for the repatriation, transfer, disposition and management of the assets,” he said.
The recovery effort, Malami said, further consolidates on the established record of the administration of President Muhammadu Buhari-led government which has a history of recovery of $322 million from Switzerland in 2018 which is being deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank.
“In line with the 2020 Asset Return Agreement, the fund has been transferred to a Central Bank of Nigeria Asset Recovery designated account and would be paid to the National Sovereign Investment Authority (NSIA) within the 14 days. The NSIA is responsible for the management and execution of the projects to which the funds will be applied,” the minister said.
According to Malami, the assets will support and assist in expediting the construction of the Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.
To ensure transparent management of the returned assets, the Nigerian government, he said will also engage a Civil Society Organisation, with combined expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance and procurement to provide additional monitoring and oversight.
It would be recalled that the recovered funds were laundered through the US banking system and then held in bank accounts in the Bailiwick of Jersey.
In 2014, a US Federal Court in Washington DC forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria between 1993 to 1998 when late Abacha was Head of State.
