Sunday, January 21, 2018

Abacha’s Loot - EFCC Launches Probe Over Missing $500 Million


A debate has risen over the $500 million recovered from the late Gen. Sani Abacha’s family as report indicates that the money was diverted.

The Economic and Financial Crimes Commission (EFCC) is said to be probing the location of the money which was recovered from the family of the late Head of State during ex-President Goodluck Jonathan’s administration.

The fund was sent back from accounts owned by the late general in foreign banks after hard negotiations by the Federal Government but indication have emerged that the $500 million was diverted.

According to The Nation, “Of the $500 million, about $250 million was released to the Office of National Security Adviser (ONSA) during the tenure of Col. Sambo Dasuki without appropriation. The balance of $250 million cannot be traced yet.”

The sum of $250 million was illegally withdrawn barely two months to the end of Jonathan’s administration in 2015.

Aside the controversial $500 million, another $550 million recovered from the Abacha family may have been lost to the United States.

According to Prof. Itse Sagay, Chairman, Presidential Advisory Committee Against Corruption (PACAC), reported that, “Nigeria stands to lose another S550 million recovered from the Abacha family to the U.S., contrary to the earlier promise by the U.S. to return same to Nigeria.”

The Prof. disclosed that the amount represented a separate tranche from the earlier $480 million forfeited to the U.S. following a court judgment in August 2014.

He said that the stringent conditions for repatriation being given by the countries in which some of the nation’s stolen wealth was stashed contradicted the earlier promises made.

According to Sagay, the challenges include stringent conditions and other uncooperative attitude of the countries in possession of the stolen funds.

“Out of the Abacha loot for instance, Switzerland seized over $505.5 million between 2004 and 2006,” he said.

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