The Federal Government on Monday confirmed the receipt of approximately three hundred and eleven million, seven hundred and ninety-seven thousand, eight hundred and sixty-six dollars and eleven cents ($311,797,866.11) of the Abacha assets repatriated from the United States of America and the Bailiwick of Jersey.
Attorney-General of Federation and Minister of Justice, Abubakar Malami confirmed receipt of the funds in a press statement issued by his media aide, Umar Jibrilu Gwandu.
According to Malami, the amount increased tremendously from over $308 million stated in the press release issued in February, 2020 to over $311million because of the interest that accrued from February 3, 2020 to April 28, 2020 when the fund was moved to the Central Bank of Nigeria.
The litigation process for the return of these assets titled “Abacha III” started 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 began 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.
According to him, “The recovery effort further consolidates on the established record of the administration of president Muhammadu Buhari-led Federal Government which has a history of recovery of $322m from Switzerland in 2018 which is being transparently and judiciously 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 next fourteen days. The NSIA is responsible for the management and execution of the projects to which the funds will be applied,” the Minister has said.
On November 17, 1993, Abacha took the reins of power after toppling the Shonekan interim administration where he served as Defence Minister. From that day to June 7, 1998, Abacha reigned supreme and maximally. Since he died, however, his name has continued to resonate for mostly the wrong reasons of corrupt practices and financial defalcation.
The recovered Abacha monies were mainly stashed away in four major countries: Switzerland, Jersey Island in United Kingdom, United States and Liechtenstein. During the Abdulsalami era in 1999, $750 million was recovered. Under the Obasanjo administration, $1.2 billion was recovered in 2002; $149 million from Jersey Island, UK in 2003; $500 million recovered in 2004 from Switzerland and another $458 recovered in 2005 from Switzerland. During the Jonathan administration, $1 billion was recovered in 2012 and $380 million in 2015, both tranches from Switzerland. The Jonathan administration also recovered $227 million from Liechtenstein in 2014 and $48 million from the United States the same year.