Nigeria receives $311.7m Abacha loot from US

The Federal Government on Monday confirmed the receipt of the sum of $311.7 million from the United State Government and the Bailiwick of Jersey as part of the money looted and stashed away by former Nigerian leader, Gen. Sani Abacha.

The drawdown of the huge cash, which is referred to as ‘Abacha Loot 3’, was confirmed by the Attorney General of the Federation,

In a statement issued by special assistant on Media and Public Relations, Dr Umar Gwandu, the recovery of the money popularly referred to as ‘Abacha Loot 3’, was confirmed by the Attorney General of the Federation, Abubakar Malami.

According to Malami, the amount increased significantly from over $308 million mentioned in an earlier statement in February to over $311million as a result of the interest that accrued from February 3 to April 28, when the fund was transferred to the Central Bank of Nigeria.