The United States (US) government has signed an agreement with the Federal Government to repatriate $23 million Abacha loot to Nigeria.

The agreement was signed on Tuesday at the office of Abubakar Malami, minister of justice and attorney-general of the federation.

In his speech, Malami said the decision to return the stolen funds, which is tagged ‘Abacha-5’, was a product of a series of negotiations and meetings between Nigeria, the US department of justice and the UK National Crime Agency.

The attorney-general said the loot, when repatriated, will be used for the completion of the Abuja-Kano road, Lagos-Ibadan expressway and the Second Niger Bridge.

“It is worthy to note that in line with the terms of this agreement, Mr. President had already approved the funds to be utilized for the ongoing presidential development infrastructural funds, PIDF, projects namely; Abuja-Kano road, Lagos-Ibadan expressway and the second Niger bridge under the supervision of Nigerian Sovereign Investment Authority (NSIA),” Malami said.

“The president’s mandate to my office is to ensure that all international recoveries are transparently invested and monitored by civil society organizations to compete for these three projects within the agreed timeline.”

Speaking at the signing ceremony, Mary Leonard, US ambassador to Nigeria, said: “The US department of justice and the FBI seized these funds in response to General Abacha and his associates’ violation of US laws when they laundered these assets to the US and into accounts in the UK.

“These actions were a flagrant breach of the Nigerian people’s trust. But today is the result of an extensive and high level corporation between the US, UK and the federal republic of Nigeria to make the Nigerian people whole.

“This agreement is also a kind of collaboration that our government must continue in order to right the wrongs committed under the previous regimes.

“Combined with a $311.7m seized and repatriated with the assistance of the Bailiwick of Jersey and the government of Nigeria in 2020, this repatriation brings the total amount of funds repatriated in this case by the US to more than $334.7 million.”

The US ambassador noted that the funds will be used to complete infrastructural projects earlier mentions by the AGF.

“In other words, these recovered criminal proceeds, like the $311.7m previously seized and repatriated, will be transformed into a visible and impactful representation of the possibilities of government assets that directly improve the lives of average Nigerians,” she said.

“The US government is keenly aware of the devastating impact corruption has on societies. Corruption erodes trust and the ability of governments to deliver to their citizens.

“It distorts the economies and access to key services. It hinders development, pushes citizens towards extremism and makes countries and their officials susceptible to malicious foreign interference.

“It is in recognition of the role corruption plays in undermining democracy that the US considers the fight against corruption as a core national security interest. To that end, President Biden really supported the US strategy in countering corruption last December.”

The ambassador said the US law enforcement will continue to deny safe havens for corrupt actors and their assets.