Nigeria may lose another $550m Abacha loot in U.S – Sagay

The Chairman of Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, on Thursday raised an alarm that Nigeria is on the verge of losing another $550m stolen fund recovered from the family of late maximum ruler, Gen. Sani Abacha, to the United States, The Nation reports.

Sagay spoke at a press briefing on asset recovery

and asset return held in Abuja. He said what the government wants is an unconditional return of the country’s stolen wealth. The media parley was jointly organised 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 recovered from the Abacha’s family to the U.S contrary to the earlier promise by the U.S to return same to Nigeria,” he said.

The amount, he said represented a separate tranche from the earlier $480 million forfeited to the U.S following a court judgment in August 2014.

Sagay said the government is demanding for unconditional return of the money recovered.

He explained that stringent conditions for repatriation being given by the countries, particularly the U.S in which some of the nation’s stolen wealth are stashed contradicted the earlier promises made to the government.

Appealing to Nigerians in Diaspora to step into the matter, Sagay said, “this is the time for Nigerians in Diaspora and every friend of Nigeria to get involved in the advocacy to recover stolen assets, not in 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.”