Tuesday, March 17, 2015
Switzerland To Return Over 75Billion Abacha Loot To Nigeria
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Switzerland is set to return to Nigeria some $380 million (360 million euros) linked to ex-dictator Sani Abacha, Geneva's public prosecutor said Tuesday, adding that it was closing a 16-year case on the funds.
The decision to return the funds follows a July 2014 deal between Nigeria and the Abacha family. Under the agreement, the funds would be confiscated and returned to Nigeria, while Abuja would drop its case against the deceased dictator's son Abba Abacha.
The $380 million had been placed in several accounts abroad that were controlled by the Abacha family, which is considered a criminal organisation, the Geneva prosecutors' office said in a statement.
The money was seized in 2006 in Luxembourg, under orders from the Swiss authorities.
The $380 million will be returned under the World Bank's supervision, said the prosecutor's office.
The authorities have also decided to drop their case against Abba Abacha, which began in 1999.
The decision to return the funds follows a July 2014 deal between Nigeria and the Abacha family. Under the agreement, the funds would be confiscated and returned to Nigeria, while Abuja would drop its case against the deceased dictator's son Abba Abacha.
The $380 million had been placed in several accounts abroad that were controlled by the Abacha family, which is considered a criminal organisation, the Geneva prosecutors' office said in a statement.
The money was seized in 2006 in Luxembourg, under orders from the Swiss authorities.
The $380 million will be returned under the World Bank's supervision, said the prosecutor's office.
The authorities have also decided to drop their case against Abba Abacha, which began in 1999.
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