Abacha Loot : Nigeria expecting another $400m from US

The chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoye, has said Nigeria is waiting for another $400 million from the United States of America.
            The sum was said to be part of the Nigeria’s money looted by the late General Sani Abacha while he was military head of the country. Speaking on Wednesday, November 14, at a conference by the Nigerian Society of International Law (NSIL), Owasanoye noted the difficulty in recovering the money because of the legal implications involved in it. The Nation reports that Abacha’s loot was hidden in over 12 countries with different legal requirements for the recovery of the assets. “Nigeria is presently awaiting the return of about $400 million from in the US, which is part of Abacha loot. “We have $322 million returned from Switzerland two years ago as part of the Abacha loot, which is been used for the conditional cash transfer,” he said adding that the UK has also repatriated $73 million which was a part of proceeds from Malabu oil deal. He lamented the unwillingness of some of these countries to return some of these assets since they benefit from it. Giving illustration, he noted that the $73 million returned from the UK was short of $12 million which the country argued was administrative cost.

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