Negotiations between Nigeria, the United States of America and the Island of Jersey for the return of fresh $300m from former Head of State, late General Sani Abacha, has reached an advanced stage, Daily Trust heard yesterday.

The Special Assistant to the President on Justice Sector Reform and National Coordinator for Open Government Partnership, Mrs Juliet Ibekaku-Nwagwu, A presidential aide, also said the figures being reported [£210m – equivalent to $267m or N82bn) are wrong.

She said negotiations and litigation on money have been ongoing for over three years between the USA, Island of Jersey and Nigeria. The presidential aide refuted reports that the money will be divided between Nigeria, US and Jersey.

Mrs Juliet Ibekaku-Nwagwu said the decision of the court in Jersey is that the fund belongs to Nigeria, adding that the concluding part of the negotiation is to determine how it would be utilised.

“We have been in court over the fund; finally the court has agreed the money be refunded to Nigeria. The procedure requires that Nigeria, Jersey Island and USA should sign a memorandum of understanding (MoU) on how the funds should be managed,” she said.

“President Muhammadu Buhari has approved that the fund be used for infrastructure. So it would be designated Infrastructure Fund. And when it finally comes to Nigeria, we don’t know how long it would take on the ongoing MoU and asset sharing agreement. When that is finalised, then the Government of Nigeria would now inform Nigerians that the fund has come to Nigeria.

“But the fund is not going to come to Nigeria until all these procedures have been put in place,” she added.

The Solicitor General of the Federation and Permanent Secretary in the Ministry of Justice, who is currently supervising the ministry, did not respond to inquiries through his mobile phone line.

Reports claimed that the ‘fresh’ fund was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company on behalf of Abacha.

According to the reports also, the Royal Court froze the fund in 2014 and following series of litigation, the fund was on May 31 paid into Jersey’s Civil Asset Recovery Fund. Jersey’s attorney general, Robert McRae QC, said the seizure “demonstrated [Jersey’s] commitment to tackling international financial crime and money laundering”.

The late Abacha was in power from 1993 until his death in 1998.

It would be recalled that the Federal Government had received the sum of $752m Abacha loot from Switzerland in March, 2005, which was said to have gone into infrastructure.

Nigeria also received another $322.5m from Switzerland in December 2017, which is being used for cash transfers to the poor.

The repatriations followed court pronouncements and MoUs between Nigeria, World Bank and Switzerland with monitoring by the civil society on the utilisation.

One of the Swiss officials involved in the negotiations with Nigeria, Roberto Balzaretti, had told the BBC in 2017 that strict conditions were attached to the transfer of the money back to Nigeria and would be supervised by the World Bank, which will also conduct regular audits.

Mr Balzaretti added that if the money was not properly accounted for, subsequent payment would be halted to prevent the funds from being stolen again.

Read more: https://www.dailytrust.com.ng/what-were-doing-about-abachas-300m-by-fg.html

Just hope the money is utilized well

Abacha did not steal (Sheikh Osama Buhari)


https://www.nairaland.com/2054311/shocking-abacha-never-stole-say

How did we get here as a nation

If Abacha could take out this much when oil prices were quite low, I wonder what subsequent governments took out

Today's loot by our politicians (Thiefinubu and the likes) makes $300 million look like child's play.

322 million dollars being used as cash transfer to the poor ! I didn’t see the impact of that in Nigeria honestly.

Abacha is like the king of all thieves.

Hahahaha

But Abacha never stole a dime according to hhhheeeeemmmmm...

JI

dokiOloye:
Abacha did not steal (Sheikh Osama Buhari)


https://www.nairaland.com/2054311/shocking-abacha-never-stole-say

anobi buhari SAW. Alhamdulahi

Yet Buhari claimed that Abacha didn't steal. But come to think of it, why should the two other countries determine how we are to spend our money?

"Nigeria also received another $322.5m from Switzerland in December 2017, which is being used for cash transfers to the poor"

This is the BIGGEST fraud in Buhari's regime. This money earmarked for the "extremely poor" was nothing but a BIG FRAUD.

They just shared the money themselves knowing that those that can complain have a phone, electricity etc and therefore disqualified to be called "extremely poor"

These Buhari cabinet are fantastically corrupt

Abacha did not steal and he is not corrupt?

Buhari and people around him are thieves. I'm yet to see the money on Nigerians life.

Thank you late Gen Sani Abacha for releasing these funds to Nigeria from your grave but unfortunately, these monies are also ending up in some other peoples pocket. Pls Gen, deal with them from your grave or better still, invite them to come join you in the grave...

Wow. Even as he looted Abacha still couldn't loot the country dry. Though I wonder just how much he looted...

His good intentions was misunderstood and now the whole nation owes him a bunch of gratitude. No wonder his very good friend & mentee (PMB) told us that he was not corrupt. He was stealing for the rainy day for us. He stole our yesterday so our today can be good. Patriot.

You can call him the originator of savings account

We already know where the dullard stands on Abacha

[img]https://images./1Yt5sTlvtIvuf3FHSCg10p.jpg[/img]

Let this be wisely used if or when recovered, empower youth,women and revitalize both ailing and dead industries in Nigeria.What baffles me is that,the custodians of loots now detate to us and make demands on us instead of the other way round after years of using our money to run their economy.Abacha will rarely have a nap even in death.

In a sane country,Abacha would've been posthumously prosecuted and convicted.

But funny thing is,mumurians,with their eyes wide opened,voted for a man who said Abacha never stole a dime.
They aren't talking buh everyday, you hear them foaming over GEJ Pej Diezani Iweala emefiele etc

Wretchs

Abacha the real mvp
All this money stolen back then

No wonder back then his wife said she can never be as poor as Dangote..

That is huge

Buhari should explain to Nigerians, in which infrastructures where the previous recovered money went to. They shouldn't have released that money, cause Buhari and co are even worse.

#SultanSpeak one thing is certain Abacha is the best president Nigeria has ever produce. My point is during his time in office no government official was able to eat from the national cake he did it all alone

Give that money to an American company to build a power firm for us. Don't share it to anyone. If it's solar in the North, gas in the South