The Attorney General of the Federation, Abubakar Malami (SAN), has said that Nigeria is to sign a tripartite agreement with the United States of America and the Island of Jersey, a British Crown Dependency, to repatriate $321 million looted funds.
While briefing State House Correspondents after the first Federal Executive Council (FEC) of 2020 on Wednesday, Malami said the agreement is expected to be signed next week.
According to the Minister of Justice, efforts were being made to recover the money looted by former Head of State Sani Abacha, former Minister of Petroleum Resources Diezani Alison-Madueke, Kolawole Aluko and former Delta Governor James Ibori.
Malami added that a separate €6.8m in connection with Ibori would also be repatriated but said negotiations had yet to start on it.
He said the funds which will be repatriated from the Island of Jersey within three months will be deployed for the construction works on Lagos to Ibadan Expressway, Abuja to Kano road and Second Niger Bridge.
Malami said: “Council approved the asset sharing tripartite agreement between Nigeria, Island of Jersey and the United States of America for the purpose of repatriation of looted assets.
“We have overtime been discussing with other jurisdictions including Island of Jersey and the United States among for the purpose of the repatriation of looted assets connected to Abacha family, Diezani Alison-Madueke, Kolawole Aluko among others.
“It is within this contest that we have now come to terms with this jurisdiction – Island of Jersey, United States of America and indeed Nigeria by way of negotiating for the repatriation of sizable assets.
“As it is, we have concluded on the understanding that the sum of $321 million will be repatriated in due course inclusive of James Ibori assets as well.
“So, we are hopeful that by next week we will sign the agreement for the looted assets. 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.
“So, the amount upon signing the MOU will be remitted from the Island 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 is America will make the necessary arrangements for the eventual repatriation to the Nigerian state.”
Source: concisenews.ng
