Stringent conditions prescribed for the host country and not cooperating attitude of the United States may hinder Nigeria from laying their hands on the money. Sagay revealed this at a press conference on Asset Recovery, jointly organized PACACI and the Office of the Senior Special Assistant to the President for Foreign Affairs and Diaspora.
"Nigeria now stands to lose another $ 550 million recovered from the Abacha family in the United States, unlike the earlier promise by the United States to return as Nigeria," said Sagay.
The constitutional lawyer said the amount represents a special tranche from the earlier $ 480 million seized in the United States after a court ruling in August 2014.
He said that the strict conditions for return are given by countries in which some of the stolen wealth of the nation are hidden contrary earlier promises, and expressed concern about the challenges the country in monitoring, seizure, confiscation and return of the property Nigerian washed out of the country.
According to Sagay, challenges include stringent conditions and other non-cooperative attitude of countries in possession of the stolen funds.
"From Abacha loot, for example, Switzerland seized more than $ 505.5 million in the period between 2004 and 2006.
"Great Britain recovered $ 2.7 million from the (late Bayelsa State Governor) Diepreye Alamieyeseigha account in London, 2005.
"Alamieyeseigha home and other real estate as in 2005 is estimated at more than $ 15 million, '' said Sagay.
Also speaking at Parley, Senior Special Assistant to the President for Foreign Affairs and Diaspora, Abike Dabiri-erew called for the unconditional return of looted funds of Nigeria. Dabiri-erew, who said that the recovery of assets was different from the property return, condemned the non-cooperative attitude of the countries where they had hidden the stolen funds.
"America has more than $ 400 million officially recovered stolen funds from Nigeria.
"But, America keeping funds and about technical; they are saying 'we recovered does not mean you can not go back."
“We want every Nigerian in the Diaspora and 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. The person who steals is a criminal; the person who keeps known stolen funds is also liable.
“You can’t give us aid of $1 billion and keep $1 billion of funds you have recovered from Nigeria. So, we will join the committee to embark on advocacy with Nigerians outside, to appeal to these nations to do everything possible to return what belongs to Nigeria,”she said.
In March 2016, the Swiss government said it had, so far, returned $723 million of stolen funds seized from the Abacha family to the Nigerian government over the last 10 years. The amount excludes $321million which the Swiss authorities said it planned to repatriate to Nigeria.
These details are contained in the agreement signed on March 8, 2016, in Abuja by representatives of the Swiss Federal Council and the Nigerian government. The agreement, titled “Letter of Intent on the restitution of illegally acquired assets forfeited in Switzerland,” was signed by Attorney-General and Minister of Justice, Abubakar Malami, and the Swiss Head of Foreign Affairs Department, Didier Burkhalter.
The document revealed that $321 million acquired illicitly by the Abacha family was, initially, deposited in Luxemburg before being confiscated by the Swiss Republic Judiciary and Canton of Geneva, following a December 11, 2014 forfeiture order.
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