Abacha Loot: ICPC Says Nigeria Expecting $400 Million From US

Nigeria is awaiting the return of $400 million stashed in the United States by former military dictator, Gen. Sani Abacha.

This was disclosed by Bolaji Owasanoye, chairman of the Independent Corrupt Practices and Other Related Offences Commission, at the 42nd annual conference of the Nigerian Society of International Law (NSIL) in Lagos, on Wednesday.

“Nigeria is presently awaiting the return of about $400 million from the US, which is part of Abacha loot,” he said.

Owasanoye added, “We have $322 million returned from Switzerland two years ago as part of the Abacha loot, which has been used for the conditional cash transfer.

“We also recovered $73 million from the UK, which was abandoned in England as part of the proceeds from Malabu oil transaction.”

He said some countries were not willing to return the assets, and that even some of those willing to do so would rather want to keep a part of the loot for themselves.

He said the $73 million the UK returned was short of $12 million, which the country said was for ”administrative costs”.

The ICPC chief also said Nigeria was seeking compensation in the Malabu case.

“Nigeria is an interested party in that case and is asking for compensation for the corruption that was inflicted on the country by the illegal award of that licence,” he said.