Abacha Loot: Switzerland Returns N142.43 Billion
To Nigeria In 10 Years
The Swiss government has confirmed that it
has so far returned $723 million (about
N142.43 billion) of stolen funds ceased from
the family of the late former head of state,
Sani Abacha, to the Nigerian government over
the last 10 years.
The amount excludes $321million (about
N63.24 billion) which the Swiss authorities
recently said recently it was planning 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 Nigeria’s
Attorney-General and Minister of Justice,
Abubakar Malami, and the Swiss Head of
Foreign Affairs Department, Didier
Burkhalter.
The document, obtained by PREMIUM TIMES,
reveals 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.
The agreement says funds to be returned to
Nigeria would contribute to the
implementation of social programmes for the
benefit of the Nigerian people in “an efficient
and accountable way, guaranteed by a
monitoring by World Bank”.
Acknowledging the cooperation of Switzerland
and Nigeria as an excellent opportunity to
fight against corruption at domestic and
international levels, the signatories to the
agreement recalled the long partnership by
their two countries in asset recovery based the
principles of national interest, trust and
mutual respect.
Considering Chapter V of the UN Convention
against corruption, which is the international
legal framework for asset recovery, the
signatories also drew attention to Article 51 of
the document that states afford each other
measures of cooperation and assistance.
The agreement also emphasized the need for
the process of repatriation of the stolen funds
to be undertaken based on international best
practices of transparency and accountability
in a manner that satisfy the scrutiny of civil
society and the international community.
The signatories affirmed, among others, their
intention to maintain a fruitful cooperation
based on trust and respect in order to enable
transparent and efficient use of the funds for
the benefits of the Nigerian people.
Source: PremiumTimes