BREAKING: FG Reveals What Ibori’s Looted Fund Will Be Used For

FG Reveals What Ibori’s Looted Fund Will Be Used For.

OnyxNews Nigeria reports that the Federal Government of Nigeria, on Tuesday, said that the £4.2 million recovered from friends and family of James Ibori, a former Governor of Delta State, would be committed to the timely completion of the Second Niger Bridge, the Abuja-Kano Highway, and Lagos-Ibadan Expressway.

Nigeria’s Attorney General and Minister of Justice, Abubakar Malami, said this following the signing of agreement between the Federal Government of Nigeria and the government of the United Kingdom for the return of the £4.2 million recovered loot.

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Malami signed for the Federal Government while Catriona Laing, British High Commissioner to Nigeria, signed for the UK government.

The recovered money is due to return to Nigeria in two weeks’ time, Malami revealed, adding that the recovery was part of the efforts of the Muhammadu Buhari administration to fight corruption.

He said the signing of the MoU for the return of the money marked another threshold in the Federal Government’s quest to attain full recovery of all looted assets, prevent abuse of recovered assets and ensure optimal utilisation of such recovered assets for the benefit of Nigerians.

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Speaking at the signing event, Laing said the money was recovered from friends and family members of the former governor.

She frowned against the trend of siphoning money from the country to the UK, saying it has affected the level of trust between the two countries.

Laing, however, warned that the UK would no longer be used as a destination for looters to siphon proceeds of crimes.