Abacha loot: $308m repatriation agreement signed – Presidency
The tripartite agreement for the repatriation of $308 million Abacha loot was signed on Monday and it stated that the spending of the fund will be monitored by external interests.
It would be recalled that the Attorney-General and Minister of Justice, Abubakar Malami, last week, after the Federal Executive Council meeting, informed the State House Press Corps of plans to sign a $321 million repatriation agreement with the United States of America and the Island of Jersey.
However, a statement issued late Tuesday by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, quoting another statement issued by a spokesman of the US State Department, Morgan Ortagus, said the spending of the repatriated funds would be monitored externally.
He also noted that the United States authorities sand praises of the Nigerian President, Buhari, for the personal efforts he had invested into ending corruption in the country.
“The government of the United States of America has thrown its weight behind President Muhammadu Buhari’s personal commitment to the anti-corruption crusade in Nigeria.
“In a statement issued by Morgan Ortagus, Spokesperson of the State Department at the end of the signing of the agreement between the U.S. government, the Bailiwick of Jersey, and the Government of the Federal Republic of Nigeria for the return of more than $308 million stolen by late General Sani Abacha, the US government also pledged their commitment to continue to support all other efforts by stakeholders to combat corruption at all levels in Nigeria.
“The statement is here reproduced in full:
“RETURN OF STOLEN ASSETS TO THE NIGERIAN PEOPLE
“On February 3, the State Department hosted a ceremony for the signing of an agreement between the U.S. government, the Bailiwick of Jersey, and the Government of the Federal Republic of Nigeria for the return of more than $308 million to the Nigerian people. In the 1990s, the assets were stolen by former military dictator Sani Abacha, and stashed abroad. More than 20 years later, these assets are being returned to the Nigerian people.
“The funds will be used by the Nigerian Independent Sovereign Authority for three infrastructure projects in strategic economic zones across Nigeria. 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. It is also consistent with the commitments both the United States and Nigeria made under the principles agreed to at the 2017 Global Forum on Asset Recovery co-hosted by the United States and the United Kingdom.
“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”, the statement said.
– The Nation
