Negotiations between Nigeria, the United States of America and the Island of Jersey for the return of the fresh $300 million looted by former Head of State, late General Sani Abacha have reached an advanced stage.

Speaking with newsmen on Wednesday, the Special Assistant to the Nigerian President on Justice Sector Reform and National Coordinator for Open Government Partnership, Mrs. Juliet Ibekaku-Nwagwu however said the figures of the loot being reported in the media were wrong.

Mrs. Ibekaku-Nwagwu said negotiations and litigation on the money have been ongoing for over three years between the USA, Island of Jersey and Nigeria, refuting reports that the money would be split between Nigeria, US and Island of Jersey. 

She disclosed that the decision of the court in Jersey is that the fund belongs to Nigeria, adding that the concluding part of the negotiation would be to determine how it would be utilized.

“We have been in court over the fund. Finally, the court has agreed that the money be refunded to Nigeria. The procedure requires that Nigeria, Jersey Island and USA should sign a memorandum of understanding (MoU) on how the funds should be managed.

“President Muhammadu Buhari has approved that the fund be used for infrastructure. So it would be designated Infrastructure Fund and when it finally comes to Nigeria, we don’t know how long it would take on the ongoing MoU and asset sharing agreement.

“When that is finalized, the Government of Nigeria would now inform Nigerians that the fund has come to Nigeria but the fund is not going to come to Nigeria until all these procedures have been put in place,” she added.

 The ‘fresh’ fund was put in accounts held in Jersey by Doraville Properties Corporation  on behalf of Abacha.

The Royal Court however froze the fund in 2014 and following series of litigation, the money was on May 31 paid into Jersey’s Civil Asset Recovery Fund.