Abacha Loot: Switzerland Returns $723 Million 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.