USA Not WIlling To Return Abacha's Loot Of $550 Million-Presidency

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The federal government of Nigeria has accused the United States of America (USA) of their reluctance to return the alleged $550 million loot that was gotten from the family of the late Head of State of Nigeria, Sani Abacha.

The Chairman, Presidential Advisory Committee Against Corruption (PACAC), Professor Itse Sagay made the allegation on Thursday in Abuja at a media conference on asset recovery and asset return that was jointly organized by PACAC and also the office, Senior Special Assistant to the President on Foreign Affairs and the Diaspora.
Prof. Sagay noted that "Nigeria at present stands to lose another $550 million recovered from the Abacha family to the US, contrary to the earlier promise made by Washington to return same to Nigeria."
 He expressed worry on the challenge being faced by the country on the tracing, seizure, forfeiture and return of Nigeria's assets laundered overseas.
 "Out of the Abacha loot for instance, Switzerland seized over $505.5 million between 2004 and 2006. The UK recovered $2.7 million from the late Diepreye Alamieyeseigha's account in London and his home and other real estate as at 2005 which was estimated at over $15 million.
"On the 6th of August, 2014, US District Judge, John D. Bates of the District of Columbia declared forfeited the sum of $480 million from the Abacha's family in the US" he said.

 The PACAC boss described it that the funds were just a tip of Nigeria2s stolen wealth stashed away in foreign countries.
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