According to the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, the money is part of proceeds from the Oil Prospecting Licence (OPL) 245 Malabu oil deal.
At the event, he presented a scorecard of the Ministry of Justice in the last one year during which he outlined the efforts of the present administration in the war against corruption.
“On the fight against corruption and associated recovery of looted and illicit assets, I am happy to inform you that within the period in contention, Nigeria succeeded in recovering $311 billion from U.S. and New Jersey and the money has been repatriated to Nigeria,” Malami said.
The minister said due to the anti-corruption crusade, the Federal Government facilitated the recovery of $62 billion arrears from oil companies as part of its Production Sharing Agreement (PSA).
He explained that the money has been paid into the Federal Government treasury for utility development such as the Lagos-Ibadan Expressway, Kano-Abuja Expressway, and the Second Niger Bridge, in line with the agreement reached with the foreign partners.
Malami also disclosed that over N685 million was recovered through the help of whistle-blowers within the last one year while N500 million was recovered from forfeited vessels, trucks, and barges.