The Federal Government has announced further plans to recover an additional $750 million kept in foreign banks by the late Head of State, Gen Sani Abacha.
Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), made this revelation on Tuesday when he met with the House of Representatives Committee on Justice.
Apart from the Abacha loot, the minister also informed representatives that the Federal Government is currently working on recovering the sum of 6.9 million pounds stolen by former governor of Delta State, James Ibori currently serving jail term in the United Kingdom on money laundering offences. The said amount is currently in the custody of the British government.
Acording to Malami, : “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 multilateral 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 $750 million Abaca loot as well as the £6.9 million 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.
