Abel Abel

We Are Expecting The Return Of Another $750m Stolen By Abacha – FG

The Attorney General of the Federation and Minster of Justice, Mr. Abubakar Malami, on Tuesday, disclosed plans by the Federal Government to engage acclaimed consultants in its bid to recover another $750m looted and stashed away by a former Head of State, the late Gen. Sani Abacha, The Punch Reports.

He stated that another £6.9m loot, held by a former Governor of Delta State, Mr. James Ibori, would also be recovered.

The minister, who spoke on the government’s plans when he met with the House of Representatives Committee on Justice, added that the country’s judgment debts stood at N75bn.

Malami said, “In respect of the recovery of looted assets, the ministry will engage in an agree-waive policy of using Mutual Legal Assistance Agreements or other bilateral and multi-lateral instruments to seek cooperation with other jurisdictions to ensure the repatriation of illicitly-acquired assets in foreign jurisdictions.

“The collaboration will equally involve the engagement of foreign-based counsel to attend to matters on behalf of the Federal Government. Low-hanging fruits, being targeted in this initiative, include $750m ‘Abaca loot’ as well as the sum of GBP £6.9m of the ‘Ibori loot’.

“On the long run, the ministry will be in a position to coordinate the recovery of billions of dollars in foreign jurisdictions, based on current estimations.”

On the judgment debts, he said, “It is equally necessary to highlight the fact that the ministry’s current liability for judgment debts is in the region of N75bn.

“The ministry has, however, proposed the sum of N16bn to meet a portion of the outstanding sum in 2016, out of which the Budget Office of the Federation has proposed an extremely low sum of N709.1m, which does not meet even one per cent of the outstanding judgment debts