Nigeria may again lose another USD$550 million of Abacha loot to the United States Government on technical grounds. In 2014 USD$480 million was forfeited to the US following a court judgement in August of the same year.

Special Adviser to the president on diaspora disclosed the possibility of forfeiture siting the reluctance of the United States Government to release the identified loot. She made the disclosure while addressing journalists on Asset Recovery and Asset Return organised by the Presidential Advisory Committee Against Corruption, PACAC, in alliance with the office of the Special Adviser to the president on Diaspora and Foreign Affairs.

Mrs Dabiri informed newsmen on the decision of PACAC and her office to embark on advocacy with Nigerians in diaspora in order to appeal to US and other countries where looted funds have been identified to return what belongs to Nigeria.

The Chairman of PACAC, Prof Itse Sagay, SAN, in his remarks expressed that this loot was different from US$480 million earlier forfeited. He bemoaned the challenge of tracing, seizure, forfeiture and return of Nigeria’s assets laundered outside the country because of the non cooperation of countries in possession of these assets.

General Sani Abacha ruled Nigeria between 1993 and 1998 as a military dictator and it is estimated that he stole more than USD$5 billion from the country coffers. Since his death in 1998 almost USD$2 billion has been recovered by successive governments with fresh discoveries made recently.


Source:http://www.financialslot.com/2017/01/13/another-us550-million-abacha-loot-to-be-forfeited-in-us/