Home News Switzerland promises to return $321m Abacha’s loot

Switzerland promises to return $321m Abacha’s loot

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Abacha

Sani Abacha

In accordance with 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.

This is contained in statement by the Swiss government on Monday.

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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.

Military ruler Abacha, in power from 1993 until his death in 1998, is suspected to have embezzled $2.2 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”.

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