By Adedapo Adesanya
Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Bolaji Owasanoye, has said Nigeria is expecting another installment of $400 million as part of funds looted by late Head of State, General Sani Abacha.
Over the years, the country has been recovering monies looted and hidden by the former head of state who died in 1998 from foreign accounts in 12 countries.
“Nigeria is presently awaiting the return of about $400 million from in the US, which is part of Abacha loot,” the ICPC boss said at the 42nd annual conference of the Nigerian Society of International Law (NSIL) in Lagos, on Wednesday.
“We have $322 million returned from Switzerland two years ago as part of the Abacha loot, which is been used for the conditional cash transfer. We also recovered $73 million from the UK, which was abandoned in England as part of proceeds from Malabu oil transaction,” he added.
Mr Owasanoye noted that the loot recovery process was difficult because of the rigourous legal process involved, adding that some countries were not willing to return the assets.
He added that even those who complied did not return all the funds but kept some for themselves, as evident with the $73 million returned by the UK in the Malabu oil contract which was short of $12 million, which the country said was for administrative costs.
Concerning the Malabu case, Mr Owasanoye said the country was actively seeking compensation.
“Nigeria is an interested party in that case and is asking for compensation for the corruption that was inflicted on the country by the illegal award of that licence,” he said.
The Malabu scandal, which involved the alleged fraudulent acquisition of an oil block, OPL 245, by Eni and Shell, has been described as one of the biggest corruption cases in the oil and gas industry.
The Buhari Administration has said parts of the recovered loots will be used to fund its Social Investment Programmes.
