FLASH | Nigerian Government Finally Receives £4.2m Ibori Loot – After Weeks Of Delay

by on May 18, 2021

Finally, the Nigerian government has finally received £4.2 million Ibori loot, after weeks of delay.

Attorney-General of the Federation, Abubakar Malami, confirmed this in a statement, Dr Umar Gwandu, his media aide, issued on his behalf on Tuesday.

According to Malami, the naira equivalent of the amount has been credited to the designated account of the federal government.

In March, Malami had signed Memorandum of Understanding for the repatriation of the Ibori loot on behalf of the Federal Government of Nigeria, which was followed by an announcement ceremony in Abuja attended by British High Commissioner to Nigeria, Catriona Laing and other officials.

Malami said the development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen funds in the execution of public oriented projects.

The President Muhammadu Buhari-led had announced the use of the funds for the completion of ongoing work on 2nd Niger Bridge, Abuja to Kano and Lagos Ibadan expressways, which were already being funded by the recovered $311m Abacha Loot III.

Malami had said the expenditure would be monitored by a reputable civil society organisation under the management of the Nigerian Sovereign Investment Authority, NSIA.

Delta State government had protested that the money ought to be returned to the state.

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