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HomeNewsGeneral NewsUK Returns £4.2million Ibori Loot, FG To Use The Loot For Second...

UK Returns £4.2million Ibori Loot, FG To Use The Loot For Second Niger Bridge, Roads

The Nigerian government is to get a return of £4.2million looted by the former Delta Governor, James Ibori.

The British Government resolved to return the money is part of the funds so far recovered from friends and family members of Ibori.

This was disclosed by the British High Commission to Nigeria, Ms. Catriona Laing on Tuesday in Abuja.

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According to the high commissioner, the looted funds was the first tranche of such planned returns.

Laing said what is currently being returned were retrieved from friends and family members of Ibori.

Reacting to the development, the Nigerian government said the funds will be used to fund some projects going on in the country.

According to the FG, the projects include, the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan expressway.

Statement from the FG reads:

“In consonance with existing framework or model engaged in the management of previous recoveries, the Federal Executive Council under the able leadership of President @MBuhari has directed Abubakar Malami SAN that the instant repatriated funds should be deployed towards the completion of the following legacy PIDFund projects: the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan expressway under the coordination of Nigeria Sovereign Investment Authority to ensure integrity of the process while a reputable Civil Society Organization has been engaged to monitor/supervise the expenditure of the recovered funds on the execution of these critical projects which are evenly spread across the country.”


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