BREAKING: US signs agreement with FG to return $23m Abacha loot

The United States (US) government has signed an agreement with the federal government to repatriate $23 million Abacha loot to Nigeria.

 

The agreement was signed on Tuesday at the office of Abubakar Malami, minister of justice and attorney-general of the federation.

 

In his speech, Malami said the decision to return the stolen funds, which is tagged ‘Abacha-5’, was a product of a series of negotiations and meetings between Nigeria, the US department of justice and the UK National Crime Agency.

 

The attorney-general said the loot, when repatriated, will be used for the completion of the Abuja-Kano road, Lagos-Ibadan expressway and the Second Niger Bridge.

 

 “It is worthy to note that in line with the terms of this agreement, Mr. President had already approved the funds to be utilized for the ongoing presidential development infrastructural funds, PIDF, projects namely; Abuja-Kano road, Lagos-Ibadan expressway and the second Niger bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA),” Malami said.

 

“The president’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organizations to compete for these three projects within the agreed timeline.”