Federal government of Nigeria and its American counterpart have reached an agreement on the return of over $23 million of the Abacha loot.
The agreement signing ceremony was held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami on Tuesday.
While Mr. Malami signed on behalf of the Nigerian government, the U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the U.S government.
According to Mr Malami, the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge.
Nigeria has in the past recovered several other tranches of the Abacha loot, which are proceeds believed to have been diverted from public coffers by the military administration of General Sani Abacha in the 1990s.
In 2020, the US and Jersey also agreed to return over $308 million in confiscated funds to Nigeria.
In 2006, about $723 million in Abacha loot was returned to Nigeria from Switzerland.