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Abacha’s loot: Switzerland to return over $300m to Nigeria

The Switzerland government on Monday said $321 million dollars deposited away in Luxembourg would be returned to Nigeria.

This follows the earlier confiscation of the money by a Swiss Court in 2014 and in March 2016 the two states signed an agreement on its repatriation. The money was deposited in Luxembourg.

“In accordance with the policy on repayment of national assets taken illegally, Switzerland has agreed with Nigeria and the World Bank to return nearly US$321 for the benefit of the Nigerian people,” the Swiss government said in a statement.

The statement indicates that the funds were frozen following all legal measures by the Geneva 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”.

Recall that General Sani Abacha was a Military ruler from 1993 until his death in 1998.

Abacha is suspected to have embezzled $2.2 billion from the Central Bank of Nigeria’s coffers.

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