This archive report was first published on 5 May 2020.
On April 5, 2020, the Nigerian government announced the recovery of $311 million in stolen funds from the United States and Jersey, a British dependency in the Channel Islands.
The funds, which included $3 million in interest, were laundered through the US banking system before being held in bank accounts in Jersey.
According to Justice Minister Abubakar Malami, the money was part of an estimated $5 billion plundered by military ruler Sani Abacha from 1993 until his death in 1998.
Malami stated that the recovery of the funds 'further consolidates' the government's record on repatriating stolen money, citing an earlier deal with Switzerland that saw $322 million returned in 2018.
The recovered funds will be used to fund infrastructure projects, including the construction of roads and a bridge, and will be managed by the National Sovereign Investment Authority (NSIA).
As Nigeria struggles to finance its 2020 budget due to falling crude prices and the impact of the coronavirus pandemic, the recovered funds will provide a much-needed boost to the country's finances.
