This follows the repatriation of $322.5 million also looted by the former dictator.
This was disclosed by the Attorney-General of the Federation and Minister of Juctice, Abubakar Malami, after a meeting of the Federal Executive Council (FEC) on Wednesday, June 13, 2018.
According to him, Nigeria is negotiating with the United States of America, United Kingdom, France and others for the repatriation of the sum.
"I am happy to report that we are almost concluding the processes relating to the repatriation of additional $500 million," he said.
The news of the repatriation comes six months after the federal government received the sum of $322.5 million from Switzerland as part of funds stolen by Abacha whose regime is noted for widespread corruption and human rights abuses.
Minister of Finance, Kemi Adeosun, revealed in April that the sum of $322,515,931.83 was received into a special account in the Central Bank of Nigeria on December 18, 2017.
While speaking on Wednesday, Malami disclosed that a report of the eventual repatriation of the $322.5 million was presented to the FEC during this week's meeting.