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BREAKING: Nigeria receives $311.7m Abacha loot from US, Jersey

Abacha Loot: Nigeria receives $311.7m Abacha loot from US, Jersey. The Federal Government on Monday confirmed the receipt of the sum of $311.7 million of loot fund from the United State Government and the Bailiwick of Jersey as part of the money looted and stashed away by former Nigerian leader, Gen. Sani Abacha.

Related: Why Nigeria Should Not That Switzerland For Returning Abacha’s Looted Fund

The drawdown of the huge cash, which is referred to as ‘Abacha Loot 3’, was confirmed by the Attorney General of the Federation,
Abubakar Malami, via a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu and made available to Vanguard

According to Malami, the sum increased from over $308m as avowed in a correspondents release in February to over $311m because of the interest that accrued from February 3, 2020, to 28th April, 2020, after the stock was transferred to the Central Bank of Nigeria.

Malami added that the Federal Government had committed that the assets would assist in expediting the construction of three foremost infrastructure projects across Nigeria, together with Lagos-Ibadan Expressway, Abuja-Kano Road, and the Second Niger Bridge.

More details shortly…

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