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FG recovers stolen $85m from UK - Malami

Malami revealed this at a consultative meeting on assets recovery in Abuja on Thursday.

Malami revealed this at a consultative meeting on assets recovery in Abuja on Thursday, October 26, 2017.

The minister also disclosed that the Federal Government is in the process of concluding negotiations with Switzerland on the return of $321 million recovered from the family of the late military Head of State, General Sani Abacha.

"I am also pleased to inform that Nigeria has just recovered the sum of $85 million on the Malabu funds from UK.

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"We are indeed concluding negotiation with Switzerland on the return of $331million recovered from the late Abacha family," he said.

Malami promised that President Muhammadu Buhari's administration will not relent in its efforts to recover more funds that have been stolen from the coffers of the government.

The Malabu oil scandal has been making headlines for years and been described as one of the largest corruption scandals ever witnessed in the global oil industry.

The controversial $1.3 billion deal revolves around "OPL 245" which is believed to be the most valuable oil field in West Africa.

Officials accused of receiving bribes in connection with the deal include former president, Goodluck Jonathan, former Attorney General, Mohammed Bello Adoke and former petroleum minister, Diezani Alison-Madueke.

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The scandal is being investigated in Nigeria, Italy and the Netherlands due to the participation of oil giants Shell and ENI.

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