May 9, 2021
  • May 9, 2021
  • Home
  • Top News
  • Why Nigeria is yet to receive £4.2 mln Ibori loot from UK ~Malami
Ibori Loot

Why Nigeria is yet to receive £4.2 mln Ibori loot from UK ~Malami

By on May 3, 2021 0 134 Views

Nigeria has attributed the delay in getting the £4.2 million looted fund by the former Governor of Delta State James Ibori to documentation processes and other unforeseen circumstances.

According to the Minister of Justice, Abubakar Malami, Nigeria has been working tirelessly to ensure the return of looted Nigerian assets kept outside the country’s territorial boundaries.

A statement on Monday by his Special Assistant on Media and Public Relations, Umar Gwandu, said that sometimes as a result of documentation, the transfer of such seized funds suffers temporary delay.

He said his office and other relevant government agencies would keep the general public informed once the loot is received and confirmed.

“Documentations with the banks in different countries often take longer than anticipated. We anticipated two weeks but we are not in control of the banks,” Malami stated.

He said the Federal Government was working assiduously to make sure that the transfer went through successfully.

READ THIS ALSO: GFD EDITORIAL: The curious intervention by DSS in politics

“There is neither complacency nor any delay as efforts are being made to ensure successful transfer of the looted funds,” the statement added.

In March, the minister told Nigerians that the governments of Nigeria and the United Kingdom have concluded negotiations for the return of £4.2 million to Nigeria pursuant to the Memorandum of Understanding earlier executed by the two governments in 2016.

“It is to be recalled that the Nigerian government had all along provided the required mutual assistance and backup to the British authorities while the prosecution of James Ibori lasted in London and today, we are rightfully taking benefit of that cooperation,” Malami stated.

He said in consonance with the existing framework in the management of previous recoveries, the Federal Executive Council (FEC) had directed that the instant repatriated funds should be deployed towards the completion of the following legacy projects: the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan expressway under the coordination of the Nigeria Social Investment Authority to ensure the integrity of the process.

A reputable Civil Society Organisation, according to him, had been engaged to monitor and supervise the expenditure of the recovered funds on the execution of these critical projects which are evenly spread across the country.

Leave a comment