Buhari’s aide raises new alarm over Abacha’s $550m loot in US
- The late former head of state, Sani Abacha, is believed to have looted the country and starched the funds in foreign accounts
- Some countries have repatriated some of the money, but Prof Sagay gives reasons it could not be difficult getting some other funds
Nigeria may lose up to $550 million reportedly recovered from the family of the late maximum dictator, Sani Abacha, according to Professor Itse Sagay, the chairman of the Presidential Advisory Committee Against Corruption (PACAC).
The late Abacha is believed to have looted the country while he was head of state
The money is currently in the United States and the country had promised to repatriate it to Nigeria.
Sagay said the risk of losing the fund relates to the stringent conditions given for its return by the US where some of the nation’s stolen wealth is hidden.
The professor of law reportedly said the conditions include horrendous percentages that are being proposed as recovery charges by some of the countries.
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Daily Trust reports Sagay as making the revelation during a media dialogue on asset recovery and asset return organised by PACAC and the office of the special adviser to the president on diaspora/foreign affairs.
He said the amount is different from the earlier $480 million forfeited to the US following a court judgment in August 2014.
According to him, the funds are just a fraction of Nigeria’s stolen wealth in foreign countries including the $505.5 million Abacha loot seized by Switzerland between 2004 and 2006.
Sagay however said the US and the other countries with such loots are bound by the United Nations Convention Against Corruption (UNCAC) to return the funds to states where it originated.
He quoted Article 3 of UNCAC as saying: “States parties are obligated to afford one another the widest measure of cooperation and assistance in ensuring that recovered assets are returned on liberal terms as much as possible."
He further said: “Tracing, seizure, forfeiture and the return of Nigeria’s assets laundered outside the country has however been a challenge especially where the support of those nations where the loots are starched away is not gotten.
“We need no apologies from recipients of stolen assets, our demand is the unconditional return of our stolen national patrimony.”
READ ALSO: Recovered loot to fund part of 2017 budget
In her contribution, the special adviser to the president on diaspora/foreign affairs, Hon Abike Dabiri reportedly said: “America has over 400 million dollars that have been officially recovered as stolen funds from Nigeria, but America is keeping the funds, they are telling us about technicalities, they are saying we recover doesn’t mean we can return.
“The person who steals is just as guilty as the person who keeps stolen funds. The person who steals is a criminal; the person who keeps known stolen funds is also a criminal.
"You can’t give us aid of a billion dollars, and keep a billion dollars of funds you have recovered from Nigeria.”