See Why N218.3 Billion Abacha Loot May Be Lost To U.S

The Presidential Advisory Committee Against Corruption, PACAC, has raised a caution on the gigantic measure of Nigeria's stolen assets abroad. The board of trustees approached the press and Nigerians in the Diaspora to participate in supporting the retrieval of the assets.

The Chairman of PACAC, Itse Sagay, on Thursday at a press preparation on resource recuperation and resource return mutually sorted out by the advisory group and the Office of the Senior Special Assistant to the President on Foreign Affairs and Diaspora, said that Nigeria stands to lose another $550 million recouped from the Sani Abacha family, in spite of the prior guarantee by the United States to give back the plunder to Nigeria.

“Between 1960 and 1999 when the country returned to democratic rule for instance, over $400billion was stolen by public officers and laundered outside the country. Money stolen by Abacha’s family alone and stashed away in foreign country was estimated to be about 2-3 per cent of Nigeria’s GDP for every year that Abacha was president. At the time of his death, Abacha’s assets were allegedly worth over $4 billion. These funds are just a fraction of Nigeria’s stolen wealth stashed away in foreign countries which can be traced. Any return will go a long way in helping Nigeria resolve the myriad of challenges it is confronted with” , Mr. Sagay said.

Mr. Sagay included that Nigeria's interest for quick return of stolen finances in outside nations couldn't be all the more opportune, as the nation battles with retreat, lessened wage from petroleum items, and with a huge number of inside uprooted people speaking to the casualties of debasement.

In 2004, Mr. Nnaka drew closer the Olusegun Obasanjo organization with a proposition to discover and recoup cash stolen by Mr Abacha. The Attorney-General of the Federation at the time, Akinlolu Olujimi, in a November 25, 2004 letter, taught Mr. Nnaka "to proceed in a professional manner to recover the funds on behalf of the country.

Be that as it may, Nigeria stands the danger of relinquishing a heavy N218.3 billion ($550 million) officially recuperated from Mr Abacha's bequest if a suit documented by an American-based Nigerian legal advisor against the Nigerian government in a United States elected court is not immediately settled.