President Muhammadu Buhari has given the Attorney General of the Federation and Minister of Justice, Abubakar Malami, the order to go after another $321 million laundered by former Head of State, Gen Sani Abacha.
Malami, who may likely sign a Memorandum of Understanding, MoU, with Switzerland by December this year, got the approval to go after looted funds and other assets at the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari.
Recall that at a consultative meeting on assets recovery in Abuja, recently, Malami, who has been in the eye of the storm over his involvement in the recall process of Abdulrasheed Maina, a former Chairman of the Pension Reform Task Force, announced that efforts to recovery most of the looted funds were gaining momentum.
Malami who addressed State House reporters, on Wednesday recalled the recent recovery of $85 million from the United Kingdom on Malabu scandal.
According to him, signing the agreement would empower him to recover the fund on behalf of Nigeria, explaining that representatives of both countries would sign a memorandum of understanding (MoU) for repatriation of the fund at the Global Forum on Asset Recovery scheduled to take place in the United States in December.
“As you are aware, the Federal Government has been making efforts to recover stolen funds, loot, assets and the efforts have indeed been yielding fruits particularly as it relates to local recoveries. A memo had been presented to council this afternoon by the Office of the Attorney General, which is intended to shift focus to international recovery.
“Before going into the memo, I think it is important to bring to your attention that recently, about a week ago, we succeeded in recovering $85million dollars relating to Malabu issues from the UK. Now, there exists a forum, that is, Global Assets Recovery Forum taking place in December, in the US and we are looking towards that. We are in agreement substantially with Swiss [government] for the recovery of additional sum of $321 million. That memorandum of understanding has been substantially agreed (sic) between Nigeria and Swiss.
“We intend to now execute or sign off the agreement during the global forum on assets’ recovery coming up in December. The intention of the memo, one, is (sic) to seek the approval of the council to allow the Attorney General to sign the agreement on behalf of the Government of the Federation of Nigeria. Two, is to develop an instrument of ratification, which will now give the Attorney General, the powers to ensure the repatriation of the funds.
“It is collectively agreed upon between Nigeria and Swiss [government] that we on our own part should seek the approval of council to ratify the MoU as agreed, and they, on their own part too, should procure the instrument of ratification that will now give the respective officers of the two countries the desired power and effect to now sign off the agreement.
“The memo has accordingly been agreed (sic) and approved by the council, the implication of which is that the MoU as negotiated between Nigeria and Swiss [government] has been agreed (sic) and ratified by council and then the Attorney General has been mandated to execute the agreement that will see to the repatriation of the $321 million and added to it, to develop the instrument of ratification that will be expected from both sides of the divides which will constitute the basis for the signing of the agreement in December in US during the Global Forum on Asset Recovery,” Malami stated.