By Sadiq Umar – The Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Itse Sagay, has warned that Nigeria is at the risk of losing $550million of looted funds to the United States contrary to earlier promise to return the country.
Prof. Sagay called for the unconditional return of $550milion looted funds by the Abacha family kept in the U.S. in line with the latter’s commitment to its promise to President Muhammadu Buhari.
The professor of Law spoke at a media conference on asset recovery and asset return in Abuja, 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 family to the U.S., contrary to the earlier promise by the U.S. to return same to Nigeria,” Prof. Sagay said.
According to him, “the money represented a tranche from the 480 million dollars forfeited to the U.S. following a court judgment in August 2014.
“Some countries, including the United States, have given stringent conditions for repatriation of stolen cash which contradicts their promises made.
“This is the time for Nigerians in the Diaspora and every friend of Nigeria to get involved in the advocacy to recover stolen assets, not just in words but indeed.
“We need no apologies from recipients of stolen assets. Our demand is the unconditional return of our stolen national patrimony.
“Out of the Abacha loot, for instance, Switzerland seized over $505.5 million between 2004 and 2006.
“The UK recoverd $2.7 million from Alamieyeseigha’s account in London in 2005. Alamieyeseigha’s home and other real estate as at 2005 was estimated at over 15 million dollars.
“On the 6th of August, 2014, US District Judge, John D. Bates of the District of Columbia declared forfeited the sum of $480 million from the money recovered from the Abacha’s family in the US.”
