FG receives $311m Abacha loot

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The Federal government has received $311,797,866.11 looted by the former head of state, late General Sani Abacha.

Abubakar Malami, Attorney-General of Federation and Minister of Justice announced this in a statement released today by his Special Assistant on Media and Public Relations, Dr. Umar Gwandu.

Malami said the amount has increased from over $308 million as at February, there was interest when the fund was transferred to the Central Bank of Nigeria.

He said the fund would support the construction of three major infrastructure projects across Nigeria; Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.

He also said the government is about to establish a project monitoring team to monitor the implementation of the projects and report on the progress to the public regularly.

However, to ensure transparent management of the received funds, Abubakar Malami revealed that the government would embark on a Civil Society Organisation to provide additional monitoring and oversight.

The received funds were laundered through the U.S. banking system and then held in bank accounts in the Bailiwick of Jersey, Malami said.

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