The federal government and the Island of Jersey would soon sign an agreement with United States of America for the repatriation of $321 million looted by former Head of State, late General Sani Abacha.
This was disclosed by the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, while briefing State House correspondents at the end of the weekly Federal Executive Council (FEC) meeting in Abuja Wednesday.
The minister said the federal government also expects at least €6 million from convicted ex-governor James Ibori and proceeds of planned auction of a yatch seized from businessman, Kola Aluko.
He said the funds, to be repatriated from the Island of Jersey within three months, would be deployed for the construction works on Lagos to Ibadan highway in the southwest, Abuja to Kano in the North and a Second Niger bridge across the Niger River in eastern part of the country.
“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 is 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,’’ he said.
The minister said the present administration had succeeded in enhancing the recovery of looted assets by over 1,300 percent.
