Nigeria May Lose $550m ‘Abacha Loot’ To U.S. – Prof. Sagay

Hamilton Nwosa
Writer

Ad

$4.5bn: Court Admits More Evidence Against Emefiele

Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on October 9,2025, admitted more evidence against a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in an alleged $4.5bn fraud. Emefiele is standing trial on a 19-count charge bordering on receiving gratification and corrupt demand preferred against him by…

NEITI Warns of Deepening Transparency Crisis, Says Nigeria Lost $3.3bn to Oil theft, Sabotage

By Obinna Uballa Nigeria lost an estimated 13.5 million barrels of crude oil valued at $3.3 billion to theft and pipeline sabotage between 2023 and 2024, the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. Executive Secretary of NEITI, Dr. Ogbonnaya Orji, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria…

Oil Eases over 1.5% after Gaza ceasefire

Summary Israel and Hamas agree to Gaza ceasefire, return of hostages US oil product supplied highest since December 2022, EIA says Stalled peace talks in Ukraine underpin prices Oil prices edged slightly lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza. Brent crude futures were…

Ad

Prof. Itse Sagay, Chairman, Presidential Advisory Committee Against Corruption (PACAC), on Thursday said Nigeria risked losing another $550m recovered from the Abacha family to the United States.

Sagay disclosed this during a media parley on asset recovery jointly organised by PACAC and Office of the Senior Special Assistant to the President on Foreign Affairs and the Diaspora.

“Nigeria presently stands to lose another 550 million dollars recovered from the Abacha family to the U.S., contrary to the earlier promise by the U.S. to return same to Nigeria,” he said.

Sagay said the amount represented a separate tranche from the earlier 480 million dollars 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.

He expressed concern at the country’s challenges in the tracing, seizure, forfeiture and return of Nigeria’s assets laundered outside the country.

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 dollars between 2004 and 2006.

“The UK recovered 2.7 million dollars from Alamieyeseigha’s account in London in 2005.

“Alamieyeseigha’s home and other real estate as at 2005 was estimated at over 15 million dollars,’’ Sagay said.

Also speaking at the parley, Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, called for the unconditional return of Nigeria’s looted fund.

Dabiri-Erewa, who said asset recovery was different from asset returning, decried the uncooperative attitude of the countries where the stolen funds were being stashed.

“America has over 400 million dollars that have been officially recovered as stolen funds from Nigeria.

“But America is keeping the funds, they are telling us about technicalities; they are saying we recovered doesn’t mean we can return.

“We want every Nigerian in Diaspora, friends of Nigeria, to join this committee in demanding that every Nigeria’s stolen fund recovered in any part of the world should be returned to Nigeria,” she said.

According to her, the person who steals is just as guilty as the person who keeps stolen funds.

“The person who steals is a criminal; the person who keeps known stolen funds is also a criminal.

“You can’t give us aid of one billion dollars and keep one billion dollars of funds you have recovered from Nigeria.

“So we will join the committee to embark on an advocacy with Nigerians outside the world to appeal to these nations to do everything possible to return what belongs to Nigeria,” she said.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp