Nigeria to U.S.: release $550m ‘Abacha loot’

Sani Abacha

Nigeria is at the risk of losing $550m recovered from the Abacha family to the United States, it was learnt yesterday. Presidential Advisory Committee Against Corruption (PACAC) Chairman Itse Sagay, at a media conference on asset recovery and asset return in Abuja, said the government wanted  an unconditional return of the country’s stolen wealth.

The media parley was jointly organized by PACAC and the Office of the Senior Special Assistant to the President on Foreign Affairs and the  Diaspora.

“Nigeria presently stands to lose another 550 million dollars recovered from the Abacha family to the U.S., contrary to the earlier promise by the U.S. to return same to Nigeria,” Prof. Sagay said.

The money, he said represented a tranche from the 480 million dollars forfeited to the U.S. following a court judgment in August 2014. Some countries, including the United States, have given stringent conditions for repatriation of stolen cash. This, said Sangay, contradicts their promises made.

Appealing to Nigerians in the Diaspora to step into the matter, Sagay said, “This is the time for Nigerians in the Diaspora and every friend of Nigeria to get involved in the advocacy to recover stolen assets, not just in words but in deed. “ We need no apologies from recipients of stolen assets. Our demand is the unconditional return of our stolen national patrimony.”

There are also challenges in tracing, seizure, forfeiture and return of Nigeria’s assets – no thanks to the stringent conditions and another uncooperative attitude of the countries in possession of the stolen funds.

“Out of the Abacha loot, for instance, Switzerland seized over 505.5 million dollars between 2004 and 2006. “The UK recovered 2.7 million dollars from Alamieyeseigha’s account in London in 2005  “Alamieyeseigha’s home and another real estate as at 2005 was estimated at over 15 million dollars.