Visit Konga

Wednesday, 27 January 2016

FG Targets N150bn Abacha, Ibori loots


The federal government will appoint a foreign lawyer in its effort to recover a total of N150 billion stashed abroad by late former Head of State, General Sani Abacha and former Delta state governor, James Ibori.

Minister of Justice and Attorney-General of the Federation Abubakar Malami announced this in Abuja yesterday while testifying before the House of Representatives committee on Justice.


He said the money was made up N148. Billion ($750 million) allegedly laundered by Abacha and N1. 98 billion  (£6.9 million) by Ibori.

Malami said the government would “engage in an aggressive policy” to seek the cooperation of foreign governments to “ensure the repatriation of illicitly-acquired assets.” According to him, “The collaboration will equally involve the engagement of foreign-based counsel to attend to the matters on behalf of the Federal Government.

“Low-hanging fruits being targeted in this initiative include $750m of the ‘Abacha Loot’ as well as the sum of GBP6.9m of the ‘Ibori loot.’”

The ministry would be in the position to coordinate the recovery of billions of dollars in foreign jurisdictions based on current estimations, he said.

Late Abacha, who ruled Nigeria between 1993 and 1998, allegedly laundered about $5 billion abroad, according to Transparency International.

Liechtenstein agreed to return $227 million in June 2014, while the U.S. froze some $458m hidden by Abacha in bank accounts.

Switzerland had in the past returned about $700 million and promised to return another $380m. The United States Department of Justice (DOJ) announced in August, 2014, that it would repatriate about $480 million to Nigeria.


Read More Here

No comments:

Post a Comment