» 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.