On May 1, the transfer of $311,797,876 from the United States Government to the Federal Republic of Nigeria was completed in accordance with a February 3, 2020 trilateral agreement among the governments of the United States, Nigeria and the Bailiwick of Jersey to repatriate assets the United States forfeited that were traceable to the former Nigerian dictator Sani Abacha and his co-conspirators.
These funds will be used by the Nigeria Sovereign Investment Authority for three infrastructure projects in strategic economic zones across Nigeria, as authorized by the Nigerian government. The recovered funds will help finance the construction of the Second Niger Bridge, the Lagos-Ibadan Expressway and the Abuja-Kano road. These investments will support Nigeria’s economic development and benefit all of the Nigerian people. The agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight. Read more
