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Nigeria Confirms Receipt Of $311m Abacha Loot From US

The Federal Government has confirmed it received from the United States of America the sum of $311 million, the proceeds of the money stolen by the late Sani Abacha, a former head of state.

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This was disclosed by Abubakar Malami, the Attorney General of the Federation and Minister of Justice, on Monday.

According to a statement issued by Umar Jibrilu Gwandu, his Special Assistant on Media and Public Relations, Malami said the sum of $311,797,866.11 was repatriated from the US and Bailiwick of Jersey.

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The AGF explained that the amount increased from over $308 million as stated in a press release in February to over $311 million because of the interest that accrued from 3 February to 28 April when the fund was transferred to the Central Bank of Nigeria (CBN).

He said the litigation process for the return of these assets titled “Abacha III” commenced in 2014, while the diplomatic process culminated in the signing of the Asset Return Agreement on February 3, 2020, by the governments of Nigeria, the US and Jersey commenced in 2018.

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“This agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management of the assets,” the statement read.

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