Yesterday, the Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay made a disclosure at a media conference on Asset Recovery, jointly organized by PACAC and the Office of the Senior Special Assistant to the President on Foreign Affairs and the Diaspora, that Nigeria may stand the chance of losing another $550 million recovered from the family of late former Head of State, General Sani Abacha, to the United States of America.

According to Sagay, stringent conditions laid down for receiving countries and the uncooperative attitude of the US may hinder Nigeria from laying its hands on the money.

“Nigeria presently stands to lose another $550 million recovered from the Abacha family to the US, contrary to an earlier promise by the US to return same to Nigeria,” said Sagay.

The constitutional lawyer said the amount represented a separate tranche from the earlier $480 million forfeited to the US following a court judgment in August 2014.

The Federal Government has made it clear that the United States felt so reluctant to release over $ 550 million to Nigeria, being proceeds from identified Gen Sani Abacha loot in the country.

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