Finally, FG Receives $311m Abacha Loot from US, Jersey via thisdaylive
Deji Elumoye and Alex Enumah in Abuja
He noted that the litigation process for the return of the assets titled: “Abacha III” commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on February 3, 2020, by the Federal Republic of Nigeria, the United States and the Bailiwick of Jersey commenced in 2018.
“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 within the next 14 days. The NSIA is responsible for the management and execution of the projects to which the funds will be applied,” the minister said.
He assured Nigerians that the federal government would ensure that the returned assets are transparently managed. The funds were laundered through the U.S. banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a British Virgin Islands company, and in the name of the son of the ex-military ruler.
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