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Swiss govt to return $321m in stolen funds to Nigeria

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Switzerland will return to Nigeria around 321 million dollars in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank, the Swiss government said.

Transparency International, a corruption watchdog, has accused Abacha of stealing up to five billion dollars of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.

In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.

The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.

In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

The Swiss government said that Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank.

“The project will strengthen social security for the poorest sections of the Nigerian population.

“The agreement also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption,” the World bank said.

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NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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