Nigeria to receive fresh $400m Abacha loot from US


The Nigerian government will soon receive the sum of $400m being part of the Abacha loot stashed in the United States.

Bolaji Owasanoye, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced this on Wednesday.

He said Nigeria also expects compensation after the ongoing Malabu case is decided in Italy.

The ICPC chair said this while delivering his keynote address in Lagos at the 42nd Annual Conference of the Nigerian Society of International Law (NSIL).

He stressed that securing the return of looted funds is not easy because of legal hurdles and huge financial implications.

Owasanoye further explained that the Abacha loot is hidden in over 12 countries, each with different legal requirements on asset return.

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

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

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

Speaking further on the Malabu deal, Owasanoye said, “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 license.”

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