BEVERLY HILLS, November 14, (THEWILL) – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that Nigeria is awaiting the return of $400 million Abacha loot stashed away in the US.
Speaking at the 42nd annual conference of the Nigerian Society of International Law (NSIL) in Lagos, on Wednesday, ICPC Chairman, Bolaji Owasanoye, said it is difficult securing the return of the funds owing to legal bottlenecks.
In 2017, Nigeria received $322 million of the loot repatriated from Switzerland after years of deal brokering on monies stolen and concealed in foreign accounts in 12 countries by the late Nigerian dictator, Sani Abacha.
“Nigeria is presently awaiting the return of about $400 million from in the US, which is part of Abacha loot,” he said.
“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.
“We also recovered $73 million from the UK, which was abandoned in England as part of proceeds from Malabu oil transaction.”
He said some countries are not willing to return the assets, and that even some of those willing to do so would rather want to keep a part pf them for themselves.