Bolaji Owasanoye, chairman of Independent
Corrupt Practices and Other Related Offences Commission (ICPC), says Nigeria is
awaiting the return of $400 million Abacha loot stashed away in the US.
The ”Abacha loot” are monies
stolen and concealed in foreign accounts in 12 countries by the late Sani
Abacha.
In 2017, Nigeria received $322
million of the loot repatriated from Switzerland after years of deal brokering.
A bulk of the funds was funneled
into the Buhari administration’s social investment programmes.
Speaking at the 42nd annual
conference of the Nigerian Society of International Law (NSIL) in Lagos, on
Wednesday, Owasanoye said it is difficult securing the return of the funds
owing to legal bottlenecks.
“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.
He said the $73 million the UK
returned was short of $12 million, which the country said was for
”administrative costs”.
The ICPC chief also said Nigeria
was seeking compensation in the Malabu case.
“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,” he said.
The Malabu scandal, which
involved the alleged fraudulent acquisition of an oil block, OPL 245, by Eni
and Shell, has been described as one of the biggest corruption cases in the oil
and gas industry.
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