$400m which was hidden in the U.S by former Head of State, the late General Sani Abacha will be returned back to the Nigerian government.
This was announced by The Chairman of The Independent Corrupt Practices and Other Related Offences Commission (ICPC) Prof. Bolaji Owasanoye on Wednesday.
According to Owasanoye, securing the return of looted funds is not easy because of legal hurdles and huge financial implications. The Abacha loot is hidden in over 12 countries, each with a different legal requirements on asset return.
Prof Owasanoye delivered a keynote address in Lagos at the 42nd Annual Conference of the Nigerian Society of International Law (NSIL).
The theme of the three-day event is: “Is International law at a cross-road?”
Owasanoye said, “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.”
Owasanoye also noted that some countries have been reluctant to relinquish the stolen assets because it is beneficial to their economy.
In relation to the Malabu Case 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 licence.”