According to Punch, a tripartite understanding between the Island of Jersey, the United States and Nigeria has now been established, and the agreement on the repatriation will be signed next week.
The decision to repatriate the loot was reported to have been taken at the Federal Executive Council meeting presided over by the President Muhammadu Buhari on Wednesday, January 29, 2020.
Speaking on the $321million Abacha loot, Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami said, based on the Memorandum of Understanding reached by the three parties, the money would be spent on the Lagos-Ibadan Expressway, the 2nd Niger Bridge and the Kaduna-Kano Expressway, Punch reports.
The minister also said the Federal Government is ready to repatriate a separate €6.8m looted by former Governor of Delta State, Mr James Ibori, but added that negotiations had yet to start on the loot.
Malami further disclosed that discussions would soon begin looted assets connected to a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.
“It is in line with that spirit of aggressive recovery of looted assets that the office of attorney general has been pursuing the recovery of looted assets,” Malami said.
“We have overtime been discussing with other jurisdictions including the Island of Jersey and the United States for the purpose of the repatriation of looted assets connected to Abacha family, Diezani Alison-Madueke, Kolawole Aluko among others.
“It is within this context that we have now come to terms with this jurisdiction – the 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.
“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.
“Arising from that the three jurisdictions will naturally be factored into the repatriation processes. So the amount upon signing the MOU will be remitted from the Inland 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 and thereafter within 45 days, it is agreed by the parties that the United States of America will make the necessary arrangement for the eventual repatriation to the Nigerian state.”