Nigeria May Lose Another $550m Abacha Loots To US, Sagay Warns

The Chairman, Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay (SAN), yesterday in Abuja warned that Nigeria was closed to losing another $550million stolen fund recovered from the family of late military Head of State, Gen. Sani Abacha, to the United States.

Sagay, who spoke at a press briefing on asset recovery and asset return held in Abuja, said what the federal government wanted is an unconditional return of the country’s stolen wealth.

He said: “Nigeria presently stands to lose another $550 million recovered from the Abacha’s family to the US contrary to the earlier promise by the US to return same to Nigeria.”

According to him, the amount represented a separate tranche from the earlier $480 million forfeited to the US following a court judgment in August 2014.

He said the government had demanded that the money be returned to Nigeria unconditionally.
Sagay 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.

He therefore appealed to Nigerians in Diaspora to join the recovery efforts of the federal government.
The chairman of PACAC 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.”