Across Nigeria News Reports

Nigeria may lose $550m Abacha loot to US –Sagay

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay, on Thursday said Nigeria risked losing another $550m recovered from the Abacha family to the United States.

The News Agency of Nigeria reported that Sagay said this at a media conference on asset recovery 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 $550m recovered from the Abacha family to the U.S., contrary to the earlier promise by the U.S. to return same to Nigeria,” he said.

Sagay said the amount represented a separate tranche from the earlier $480m forfeited to the U.S. following a court judgment in August 2014.

He said that the stringent conditions for repatriation being given by the countries in which some of the nation’s stolen wealth was stashed contradicted the earlier promises made.

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