The Presidency has explained how the Nigerian government plans to spend the £4.2 million loot of ex-Governor James Ibori.
The loot was seized from Ibori who was convicted of fraud and money laundering by a UK court in 2012.
A senior official in the office of the Attorney-General of the Federation and Minister of Justice said that the money arrived in the country on Tuesday morning.
According to the source, the £4.2 million was recovered from friends and family members of the former governor.
The source said: ”The £4.2m seized from former Delta state governor, James Ibori, just arrived Nigeria this morning (Tuesday). The money was recovered from his friends and family members.”
Special Assistant to President Muhammadu Buhari on Digital and New Media in a tweet said the money is going to the Nigeria Sovereign Investment Authority that is in charge of Sovereign Wealth Fund.
“Alert received on May 10, 2021. Money is going to @nsia_nigeria for investment in #PIDFund,” he said.
The money has been a subject of controversy, especially since the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the Federal Government would spend the money on some of its projects, which are outside of Delta state.
The Delta state government and some lawyers have criticised the AGF, saying it would be wrong for the Federal Government to spend money looted from the state on projects in other states.