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

ABACHA


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The $ 250 million was illegally withdrawn just two months after the end of Jonathan's administration in 2015. In addition to the controversial $ 500 million, another $ 550 million recovered from the Abacha family may have been lost in the United States. According to Professor Itse Sagay, chairman of the Presidential Advisory Committee Against Corruption (PACAC), "Nigeria would lose another $ 505 million from the Abacha family in the United States, contrary to the US's previous promise to return to Nigeria. . " The teacher. revealed that the amount represented a separate portion of the previous $ 480 million confiscated in the United States following a judgment rendered in August 2014. He said the harsh conditions of repatriation imposed by countries in which some of the nation's stolen wealth had been hidden contradicted the promises made earlier. According to Sagay, the challenges include strict conditions and other uncooperative attitudes of countries in possession of 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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