The United States has mandated the Nigerian government to place in a secured account the soon to be repatriated $308million recovered from the family of the late former Head of State, Gen. Sani Abacha.
According to US official, the Federal Government would be required to replace the fund if it is stolen from the account.
In a statement on Tuesday, February 4, 2020, the Spokesperson for the US State Department, Morgan Ortagus, said this requirement was one of the agreements reached between the US, Nigeria and the Island of Jersey where the funds are being kept.
“The funds will be used by the Nigerian Independent Sovereign Authority for three infrastructure projects in strategic economic zones across Nigeria,” the statement reads.
“To ensure that the funds are used responsibly and for the good of the nation, the agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight, and it requires Nigeria to repay any funds lost as a result of any new corruption or fraud to the account established to hold the returned assets.
“This return reflects the growing international consensus that countries must work together to ensure stolen assets are returned in a transparent and accountable manner.
“This agreement is a symbol of the weight that the United States Government places on the fight against corruption. We welcome President Buhari’s personal commitment to that fight, and we will continue to support civil society and other Nigerian efforts to combat corruption at all levels. The fight against corruption is an investment in the future of Nigeria.”
KanyiDaily had reported that the Federal Government is set to repatriate the sum of $321million that was looted by the late military general, Sani Abacha from the coffers of Nigeria.
The money was seized from a Jersey bank account that belonged to Sani Abacha, and will be shared between the United States, Nigeria and Jersey.