The Federal Executive Council (FEC) has approved the agreement between Nigeria, The Island of Jersey and the United States of America concerning the funds’ former military leader General Sani Abacha looted from the country. The agreement of repatriation between the three countries is expected to be signed sometime next week.
The looted sum of $321 million is said to have been recovered from the Island of Jersey and would go through the Unites States government before finally making its way to Nigeria. The United States became involved in the agreement because they obtained an order for forfeiture against the assets because the medium of exchange used in the looted assets is in US dollars.
Mr Abubakar Malami, Attorney General of the Federation and Minister have said that the recovered funds will be used to reconstruct the road. Specifically, Lagos Ibadan expressway, Abuja to Kano road, and a second bridge across the Niger River.
The government says they will soon recover the former governor of Delta state from 1999 to 2007, James Ibori’s loot of £117 million. Also Ex-minister of Petroleum Resources Diezani Alison-Madueke’s loot of $90 billion.
