Why we can’t release $300m Abacha Loot- US

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The United States (US) has stated that $300 million stashed abroad by the late military dictator, Gen. Sani Abacha will not be released because it was saved in its currency, the US dollar.

Attorney-General of the Federation and Minister of Justice Abubakar Malami (SAN) made the claims in Lagos.

He urged the Federal Government to extend efforts to recover looted funds to “the few Nigerians who have been indicted in the Panama and Paradise papers. The EFCC and the Federal Inland Revenue Service should recover appropriate taxes from the offshore companies set up by such individuals,” Falana said.

Malami, guest speaker Falana, Chairman, Special Investigative Panel on Assets Recovery Okoi Obono-Obla, among others, were participants at the seminar organised by the Socio-Economic Rights and Accountability Project (SERAP).

The seminar, with the theme: “Promoting Transparency and Accountability in the Recovery of Stolen Assets in Nigeria: Proposals for Reform”, was organised in collaboration with the Ford Foundation, USA.

The AGF, who was represented by his Senior Special Assistant on White Collar Crimes, Mr Abiodun Aikomo, hinted of the US’ involvement in the case while condemning public officials who ferry their loot abroad.

He said: “We have seen instances where the Federal Government of Nigeria engaged counsel to recover our stolen assets and the matter went on for many years.

“On the eve of a judgment, the government of a country filed an application for joinder. This was a matter that was on for seven years and judgment was going to be delivered the next day.

“The government of the country filed, saying ‘Even though the money is not kept in our bank, even though you would think we do not have any connection with the funds, the money is in our currency and we are talking about hundreds of millions in our currency. So, if you’re moving those funds from our state, then we are interested.’

“That was how the judgment was more or less arrested. So, the people stealing money and taking it out of Nigeria are doing us a lot of evil, because the moment the money leaves Nigeria it assumes another dimension.”

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