Abacha's loot: FG speaks on its intention for newly discovered $300m
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Abacha's loot: FG speaks on its intention for newly discovered $300m

- Reports that the newly discovered loot of the late military head of state, General Sani Abacha, will be shared between US, Jersey and Nigeria have been refuted by the presidency

- A presidential aide, Juliet Ibekaku-Nwagwu, on Wednesday, June 5, said that the money belongs to Nigeria

- Nwagwu also said that President Muhammadu Buhari has said that the fund will be used for infrastructure upon conclusion of negotiation

The presidency has disclosed its position on the issues surrounding the newly discovered loot of the country's former military head of state, late General Sani Abacha.

Juliet Ibekaku-Nwagwu, the special assistant to President Muhammadu Buhari on justice sector reform and national coordinator for open government partnership, has said that the reported figures, £210 million an equivalent of $267 million or N82 billion, are incorrect, Daily Trust reports.

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Nwagwu, objecting to claims that the money will be divided among Nigeria, the United States and the Island of Jersey, insisted that the fund belongs to Nigeria and that the concluding part of negotiations is to determine how the money would be utilised.

She said: “We have been in court over the fund; finally the court has agreed the money be refunded to Nigeria. The procedure requires that Nigeria, Jersey Island and USA should sign a memorandum of understanding (MoU) on how the funds should be managed.

“President Muhammadu Buhari has approved that the fund be used for infrastructure. So it would be designated Infrastructure Fund. And when it finally comes to Nigeria, we don’t know how long it would take on the ongoing MoU and asset sharing agreement.

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"When that is finalised, then the Government of Nigeria would now inform Nigerians that the fund has come to Nigeria. “But the fund is not going to come to Nigeria until all these procedures have been put in place.”

Meanwhile, Legit.ng reported that Nigeria, the US and Jersey in the UK were expected to share £210 million belonging to Abacha. The funds, which were frozen in 2014 were held by a Shell company called Doraville.

Following a five-year wrangle, the money was recovered and will be shared by Jersey, the United States and Nigeria. It had, however, not been revealed how much each government will receive.

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Nigeria News 2018: Abacha Loot - The Federal Government To Share $322M To Nigerians | Legit TV

Source: Legit.ng

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