FG To Repatriate Abacha, Ibori Loot To Fund Capital Projects – Malami

Mr. Abubakar Malami, SAN, Nigeria's Attorney-General and Minister of Justice.

SAN FRANCISCO, January 30, (THEWILL) – The Federal Government has revealed that all is set for the repatriation of $321 million looted funds stashed away in the United States’ banks by the late former Head of State, General Sani Abacha, to Nigeria.

The Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, made this known after the Federal Executive Council (FEC) meeting in Abuja saying that the agreement on the repatriation of Abacha loot would be signed between the US and Nigeria next week.

He added that the government is also negotiating plans to repatriate €6,863,977.12 allegedly looted by a former governor of Delta State, Chief James Ibori, from Europe to Nigeria.

According to him, upon arrival, the federal government will disburse the Abacha loot to fund major ongoing road projects, including the Lagos-Ibadan Expressway, Abuja-Kano Road and the Second Niger Bridge.

Malami also said the move to repatriate Ibori’s loot was being negotiated, adding that plans are underway to sell an asset belonging to a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and her associate, Mr. Kola Aluko.

Malami, who said the negotiations for the assets were still ongoing, added that the price had not been agreed upon and when that was done, it would be made public.

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He said: “The immediate figure for repatriation, as it relates to the agreement to be signed next week is $321 million and the government has indeed given commitment that the proceeds of the looted assets, after recovery, should be applied to Lagos-Ibadan Expressway, Abuja-Kano Road and the Second Niger Bridge.

“The $321 million expected to be repatriated is attached to Abacha and it is named Abacha loot. As it relates to James Ibori, the expected amount is €6,863,977.12, but the repatriation of same is being negotiated and processed.

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“In respect of Diezani and Kola Aluko, what is on the ground is MY Galactica Star Yatch and it is being sold for the realisation of proceeds and the amount is yet to be finally agreed upon. We’ll disclose the amount when it’s finally agreed upon.”

Malami added that $321 million looted by Abacha and kept in Switzerland earlier pursued by the federal government had been fully repatriated to the country and expended.