U.S to monitor how Nigeria will spend the recoverd $308m of Abacha loot
The Government of Jersey in United States of America (USA) has stated it would monitor how Nigeria spends and use the recovered $308 million looted by the late former Head of State, General Sani Abacha.
This was contained in a press statement signed by Spokesperson for the US State Department, Morgan Ortagus.
The statement was released by Garba shehu, Special assistant to the President Muhammadu Buhari on media and publicity on Tuesday.
U. S ordered federal government of Nigeria to channel the funds on infrastructural development in crucial economic zones across the country.
This was followed by the Agreement between Nigeria, United States of America (USA) and Government of Jersey in USA to repatriate over 308 million dollars of forfeited assets to Nigeria.
The statement reads “On February 3, the State Department hosted a ceremony for the signing of an agreement between U.S Government , Bailiwick of Jersey and Government of Federal Republic of Nigeria for the return of more than $308 million for Nigeria people . In 1990s, this asset was stolen by former military dictator Sani Abacha, and stashed abroad. More than 20 years later, these assets are being returned to Nigeria people.
“The funds will be used by the Nigerian Independent Sovereign Authority for three infrastructure projects in strategic economic zones across Nigeria.
“To ensure that the funds are used responsibly and for the good of the nation, the agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight, and it requires Nigeria to repay any funds lost as a result of any new corruption or fraud to the account established to hold the returned assets.
“This return reflects the growing international consensus that countries must work together to ensure stolen assets are returned in a transparent and accountable manner.
“This agreement is a symbol of the weight that the United States Government places on the fight against corruption. We welcome President Buhari’s personal commitment to that fight, and we will continue to support civil society and other Nigerian efforts to combat corruption at all levels. The fight against corruption is an investment in the future of Nigeria.”