Abacha Loot Of $750m To Be Recovered By FG

Abacha Loot Of $750m To Be Recovered By FG

Late Abacha has obviously looted more than we ever imagined as many of his loots stashed away in other countries are being discovered one after the other. How far do we go, and how wide do we search to be able to recover the hard earned money of Nigerians?

Late Nigerian Dictator, Sani Abacha

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.

Mr. Abubakar Malami

Punch gathered that 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 ‘Abacha 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.” “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.”

He stated that proposals were earlier made to attend to 800 terrorism cases this year in the original budget estimates sent to the Ministry of Finance.

He received the backing of the committee, which is chaired by Mr. Razak Atunwa, to look into the financial challenges of the Ministry of Justice.

PZI gathered that it is not possible to recover all what Nigeria has lost which looters have hidden away in other countries. Recovering even half of it will take a lot of effort on our part. Many countries have reaped what Nigerians have sown, while majority of Nigerians still wallow in penury. more update will be brought to you by PZI.

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