The US Ambassador to Nigeria, Mary Leonard, signed on the behalf of the US government while the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, signed for Nigeria on Tuesday, Daily Trust reports.
According to Malami, the decision to retrieve the stolen funds, which is labeled ‘Abacha-5’, was part of the outcome of negotiations and meetings between Nigeria, the US Department of Justice and the UK National Crime Agency.
The attorney-general said the loot, when repatriated, would be utilized for the realization of the Abuja-Kano road, Lagos-Ibadan Expressway and the Second Niger Bridge.
“It is worthy to note that in line with the terms of this agreement, Mr. President had already approved the funds to be utilized for the ongoing presidential development infrastructure funds (PIDF), projects namely; Abuja-Kano road, Lagos-Ibadan Expressway and the Second Niger Bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA).
“The president’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organizations to compete for these three projects within the agreed timeline,” Malami said.
On her part, Mary Leonard, US ambassador to Nigeria, said:
“The US department of justice and the FBI seized these funds in response to General Abacha and his associates’ violation of US laws when they laundered these assets to the US and into accounts in the UK.
“These actions were a flagrant breach of the Nigerian people’s trust. But today is the result of an extensive and high level corporation between the US, UK and the Federal Republic of Nigeria.
“This agreement is also a kind of collaboration that our government must continue in order to right the wrongs committed under the previous regimes.
“Combined with a $311.7m seized and repatriated with the assistance of the Bailiwick of Jersey and the government of Nigeria in 2020, this repatriation brings the total amount of funds repatriated in this case by the US to more than $334.7 million.”
The US ambassador remarked that the funds would be used to complete infrastructural projects earlier mentioned by the AGF.
According to her: “In other words, these recovered criminal proceeds, like the $311.7m previously seized and repatriated, will be transformed into a visible and impactful representation of the possibilities of government assets that directly improve the lives of average Nigerians.
“The US government is keenly aware of the devastating impact corruption has on societies. Corruption erodes trust and the ability of governments to deliver to their citizens.
“It distorts the economies and access to key services. It hinders development, pushes citizens towards extremism and makes countries and their officials susceptible to malicious foreign interference.
“It is in recognition of the role corruption plays in undermining democracy that the US considers the fight against corruption as a core national security interest. To that end, President Biden really supported the US strategy in countering corruption last December.” he added.