ABACHA LOOT

Written by on December 5, 2017

#NewsUpdate

LOOT

Around three hundred and twenty one million dollars in public funds stolen by former Nigerian dictator Sani Abacha will be returned to the African country, Switzerland said yesterday.

The money, originally deposited in Luxembourg, was confiscated by a Swiss court in late 2014 and in March last year the two states signed an agreement on its repatriation.

In accordance with policy on repayment of national assets taken illegally, Switzerland has agreed with Nigeria and the World Bank to return nearly three hundred and twenty one dollars for the benefit of the Nigerian people, the Swiss government said in a statement.

Military ruler Abacha, in power from 1993 until his death in 1998, is suspected to have embezzled two point two billion from Nigeria’s central bank in what the United States has called brazen acts of kleptocracy.

The Swiss statement said these funds were frozen in a legal procedure by Geneva’s public prosecutor against Abba Abacha, Sani Abacha’s son.

It said the return of the funds would be supported and supervised by the World Bank, adding that the move should strengthen social security for the poorest Nigerians.

When the agreement was announced, Swiss Foreign Minister Didier Burkhalter had said the fight against corruption was one of Switzerland’s priorities.


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