The Chairman of the Independent Corrupt Practices and other related offences Commission, Prof Bolaji Owasanoye, has said that Nigeria is expecting the return of $400 million hidden in the United States of America by former Head of State, late General Sani Abacha, and a compensation on the disputed Malabu Oil case.
Owasanoye disclosed this on Wednesday in a keynote address in Lagos at the 42nd Annual Conference of the Nigerian Society of International Law.
The theme of the three-day event is: “Is International law at a cross-road?”
Owasanoye said securing the return of looted funds is not easy because of legal hurdles and huge financial implications.
He said the Abacha loot is hidden in over 12 countries, each with different legal requirements on asset return.
Owansanoye said international legal instruments empower Nigeria to demand the return of its stolen assets.
He said: “Nigeria is presently awaiting the return of about $400 million from in the US, which is part of Abacha loot.
“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.”
Owasanoye said some countries are reluctant to return assets because of what they benefit from it.
For instance, he said the $73 million the UK returned was short of $12 million, which the country said was withheld as administrative costs.
On the Malabu case, Owasanoye said: “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.”