• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • U.S. VISA

      REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months…

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

  • National
    • UAE Bans Transit Visas for Nigerians, After US Visa Restrictions

      Military Troops in Action

      Nigerian Troops Destroy Terrorists’ Enclaves across Theatres of Operation

      Military Troops in Action

      Army Intercepts Truckload of Vandalised Railway Tracks, Arrests 8 Suspects, Recovers…

      U.S. VISA

      REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months…

      NSA Hails New Joint Doctrine and Welfare Centre to Revolutionize Military…

    • Government
      • Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in…

        UAE Bans Transit Visas for Nigerians, After US Visa Restrictions

        L-R: Representative of the Managing Director of Bank of Industry, Ugochukwu Akagaogu; Minister of Information and National Orientation, Mohammed Idris; Minister of State for Industry, Senator John Owan Enoh and the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Nura Rimi during the tour of the Hydropolis Free Trade Zone in Amfani, Magama Local Government Area of Niger State on Tuesday

        FG Eyes 5,000-Tonne Boost in Fish Production Through PPP Model

        Igbo Criminals Behind Most Killings, Abductions in Southeast, Not Fulani —…

        Honourable Mukhtar Tolani Shagaya

        Shagaya at NASS: Fostering Youthful Vision through Humble Leadership By Umar…

  • Security
    • Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in…

      Illegal Mining: EFCC Arrests 5 Chinese, 4 Nigerians in Niger

      Military Troops in Action

      Nigerian Troops Destroy Terrorists’ Enclaves across Theatres of Operation

      Military Troops in Action

      Army Intercepts Truckload of Vandalised Railway Tracks, Arrests 8 Suspects, Recovers…

      CP Jimoh Moshood

      Lagos Police Roll Out Proactive Measures Ahead of Saturday’s Local Council…

  • Features
    • Honourable Mukhtar Tolani Shagaya

      Shagaya at NASS: Fostering Youthful Vision through Humble Leadership By Umar…

      Yushau Shuaib of PRNigeria, Barrister Nima Salman Mann and Rear Admiral A. A. Mustapha of NIPSS

      Yushau Shuaib vs. NIPSS: A Case of Alleged Digital Rights Violation…

      Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      What Life Really Looks Like for Nigerians Battling Sickle Cell, By…

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

  • State
    • Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in…

      Illegal Mining: EFCC Arrests 5 Chinese, 4 Nigerians in Niger

      UAE Bans Transit Visas for Nigerians, After US Visa Restrictions

      Military Troops in Action

      Army Intercepts Truckload of Vandalised Railway Tracks, Arrests 8 Suspects, Recovers…

      CP Jimoh Moshood

      Lagos Police Roll Out Proactive Measures Ahead of Saturday’s Local Council…

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • PR Nigeria Award
  • E-Paper
Home Government Again, FG Receives Over $311M Abacha  Assets from  US, Jersey 
  • Government

Again, FG Receives Over $311M Abacha  Assets from  US, Jersey 

By
Ogundoro Modupe
-
May 5, 2020
Abubakar Malami
Abubakar Malami
Again, FG Receives Over $311M Abacha  Assets from  US, Jersey 

The Attorney-General of Federation and Minister of Justice, Abubakar Malami  said  the Federal Republic of Nigeria on Monday 4th May, 2020 confirmed the receipt of approximately three hundred and eleven million, seven hundred and ninety-seven thousand, eight hundred and sixty-six dollars and eleven cents ($311,797,866.11) of the Abacha assets repatriated from the United
States and the Bailiwick of Jersey.

 The Minister’s  Special Assistant on Media and Public Relations, Dr. Umar Jibrilu Gwandu, made  this known in a statement issued and made  available to newsmen in Abuja on Monday 4th May, 2020

According to Malami, the amount increased significantly from over $308million mentioned in the press release issued in February, 2020 to over $311million because of the  interest that accrued from 3rd February, 2020 to 28th April, 2020 when the fund was transferred to the Central Bank of Nigeria.

He noted that the litigation process for the return of these assets titled “Abacha III” commenced in 2014 while the diplomatic process that culminated into the signing of the Asset Return Agreement on 3rd
February, 2020 by the Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced in 2018.

“This Agreement is based on international law and cooperation measures that sets out the procedures for the repatriation, transfer,
disposition and management of the assets,” he explained .

According to him, the recovery effort further consolidates on the established record of the administration of President Muhammadu Buhari-led Federal Government which has a history of recovery of $322m from Switzerland in 2018 which is being transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with the Switzerland and the World Bank.

The Attorney General of the Federation and the Minister of Justice who led the negotiation team noted that the Tripartite Agreement and the process towards the implementation represents a major watershed in International Asset Recovery and Repatriation as it seeks to provide benefit to the victims of corruption.

Read Also:

  • Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in Plateau
  • Illegal Mining: EFCC Arrests 5 Chinese, 4 Nigerians in Niger
  • UAE Bans Transit Visas for Nigerians, After US Visa Restrictions

“In line with the 2020 Asset Return Agreement, the fund has been transferred to a Central Bank of Nigeria Asset Recovery designated account and would be paid to the National Sovereign Investment Authority (NSIA) within the next fourteen days. The NSIA is responsible for the management and execution of the projects to which the funds will be applied,” the Minister has said.

Malami disclosed that the government of Nigeria has committed that the assets will support and assist in expediting the construction of three major infrastructure projects across Nigeria, namely:

1)   The Lagos – Ibadan Expressway,

2)   Abuja – Kano Road, and

3)   The Second Niger Bridge.

He said, “the Federal Republic of Nigeria is in the process of establishing a Project Monitoring Team to oversee the implementation of the projects and report regularly on progress made to the public”.

 To  ensure transparent management of the returned assets, the Nigerian government will also engage a Civil Society Organisation, who has combined expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight. The process for the engagement of the CSO monitor has already commenced with the adverts placed in two Nigeria newspapers –
Daily Trust and the Punch (4th March, 2020 and a Notice of Extension
on 17th April, 2020), the Federal Tender Journal (9th and 23rd March,
2020), the Economist (14th March, 2020). The advert can also be found
on the website of the Federal Ministry of Justice – www.justice.gov.ng

It may be recalled that the recovered funds were laundered through the U.S. banking system and then held in bank accounts in the Bailiwick of Jersey. In 2014, a U.S. Federal Court in Washington D.C. forfeited the
money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State. In 2017, the FRN filed a case
in the Bailiwick of Jersey to assert its authority as the owner of these funds and as the victim of the action of General Abacha.

Malami urged for greater cooperation and mutual respect amongst countries in the implementation of expeditious cooperation measures already set out in the United Nations Convention Against Corruption and in the implementation of the Global Forum on Asset Recovery (GFAR) principles on the repatriation of stolen assets.

He further assured Nigerians that the Federal Government would ensure that the returned assets are transparently managed.

Information regarding the implementation of this project can be obtained by sending an email to: [email protected].

Ogundoro Modupe
Deputy Director ( Information )
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Abacha
  • fg
  • Jersey
  • Malami
  • US
Previous articleCOVID-19: FCT, 34 States Get 129 Trucks of Rice… New NEMA DG Meets Humanitarian Affairs Minister
Next articleMinister Inaugurates Technical Working Group on Macroeconomic Framework
Ogundoro Modupe
Ogundoro Modupe
Xing

RELATED ARTICLESMORE FROM AUTHOR

Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in Plateau

UAE Bans Transit Visas for Nigerians, After US Visa Restrictions

L-R: Representative of the Managing Director of Bank of Industry, Ugochukwu Akagaogu; Minister of Information and National Orientation, Mohammed Idris; Minister of State for Industry, Senator John Owan Enoh and the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Nura Rimi during the tour of the Hydropolis Free Trade Zone in Amfani, Magama Local Government Area of Niger State on Tuesday

FG Eyes 5,000-Tonne Boost in Fish Production Through PPP Model

Igbo Criminals Behind Most Killings, Abductions in Southeast, Not Fulani — Governor Soludo Declares

Honourable Mukhtar Tolani Shagaya

Shagaya at NASS: Fostering Youthful Vision through Humble Leadership By Umar Farouk Bala

President Bola Tinubu and Information Minister, Mohammed Idris Malagi

2027 Can Wait, Tinubu’s Eyes Still on the Reform Ball – Minister

Minister of Interior Olubunmi Tunji-Ojo

FG Inaugurates Passport Front Office for Senior Public Officials

China Backs Nigeria’s Anti-Cybercrime War, Cautions Citizens Against Internet Fraud

Official_JAMB_logo

JAMB, Stakeholders Approve 150 as Minimum Score for Varsity Entry, 100 for Polytechnics, Colleges

ASUU

“No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria

At BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health Systems

Recent Posts

  • Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in Plateau
  • Illegal Mining: EFCC Arrests 5 Chinese, 4 Nigerians in Niger
  • UAE Bans Transit Visas for Nigerians, After US Visa Restrictions
  • Nigerian Troops Destroy Terrorists’ Enclaves across Theatres of Operation
  • Army Intercepts Truckload of Vandalised Railway Tracks, Arrests 8 Suspects, Recovers Cash in Yobe
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Gov. Mutfwang Hails NSCDC Boss Audi as 150 Agro-Rangers Graduate in PlateauIllegal Mining: EFCC Arrests 5 Chinese, 4 Nigerians in NigerUAE Bans Transit Visas for Nigerians, After US Visa RestrictionsNigerian Troops Destroy Terrorists' Enclaves across Theatres of OperationArmy Intercepts Truckload of Vandalised Railway Tracks, Arrests 8 Suspects, Recovers Cash in YobeLagos Police Roll Out Proactive Measures Ahead of Saturday's Local Council PollsFG Eyes 5,000-Tonne Boost in Fish Production Through PPP ModelREVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months in Reciprocal Policy ShiftNSA Hails New Joint Doctrine and Welfare Centre to Revolutionize Military CollaborationMilitary'll Support Regional Growth for Lasting Peace, CDS AssuresIgbo Criminals Behind Most Killings, Abductions in Southeast, Not Fulani — Governor Soludo DeclaresShagaya at NASS: Fostering Youthful Vision through Humble Leadership By Umar Farouk BalaYushau Shuaib vs. NIPSS: A Case of Alleged Digital Rights Violation by Abdul Ikon Allah2027 Can Wait, Tinubu’s Eyes Still on the Reform Ball - MinisterFG Inaugurates Passport Front Office for Senior Public Officials
X whatsapp