Spokesperson for the US State Department, Morgan Ortagus, in a statement that this was part of the deal with the Nigerian authorities before the Island of Jersey where the funds are being kept, agreed to its repatriation.
The United States has warned Nigeria to be prepared for repayment if the $308m Abacha loot about to be released to the country was stolen again.
Spokesperson for the US State Department, Morgan Ortagus, in a statement that this was part of the deal with the Nigerian authorities before the Island of Jersey where the funds are being kept, agreed to its repatriation.
The statement reads, “The funds will be used by the Nigerian Independent Sovereign Authority for three infrastructure projects in strategic economic zones across Nigeria.
“To ensure that the funds are used responsibly and for the good of the nation, the agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight, and it requires Nigeria to repay any funds lost as a result of any new corruption or fraud to the account established to hold the returned assets.
“This return reflects the growing international consensus that countries must work together to ensure stolen assets are returned in a transparent and accountable manner.
“This agreement is a symbol of the weight that the United States Government places on the fight against corruption. We welcome President Buhari’s personal commitment to that fight, and we will continue to support civil society and other Nigerian efforts to combat corruption at all levels. The fight against corruption is an investment in the future of Nigeria.”
One of the world's most ruthless dictators, late Sani Abacha is believed to have stolen more than $4bn while hold sway as Nigeria's Head of State with only around $1bn of that amount recovered so far.