Switzerland set to return another $300 million from Abacha’s immense loot to Nigeria

(adsbygoogle = window.adsbygoogle || []).push({});

The government of Switzerland is set to return another $300 million recovered from the funds stolen by former military dictator, Sani Abacha to the Nigerian government.

Late dictator, General Sani Abacha

Late dictator, General Sani Abacha

The Foreign Affairs minister, Geoffery Onyeama, announced on Monday that the Federal Government is in talks with countries such as the United Kingdom and the United States for other funds stashed in the countries to be repatriated to Nigeria.
The late Abacha is believed to have stolen over $5billion from the country’s treasury. Nigeria has collected over $1 billion stolen by Abacha in the last 10 years, but the money has been largely misappropriated by past administrations.
“We are in touch with Switzerland; they have recently recovered quite a significant amount of money and I met last week with Swiss representatives to work out the modality for the repatriation of the funds,” Onyeama said.

“The Swiss government has already repatriated over $700m from (the late Gen. Sani) Abacha loot and that agreement has been reached on how the money would be applied.

“They have also now recovered in the same context another $300m of which there is ongoing discussion to have that repatriated as well. There are discussions with other countries; United Kingdom for instance, as you all know, is one of the countries we are discussing with on how to recover looted funds.”
Source: The Punch

billionbill

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Court bars MTN from moving funds out of the country

Tue Jan 12 , 2016
(adsbygoogle = window.adsbygoogle || []).push({}); A Federal High Court in Lagos on Tuesday barred Nigeria’s largest telecommunications company, MTN Nigeria Communications Limited, from moving abroad funds it has in Nigerian banks. The court made the pronouncement while hearing a suit in connection with the N1.4 trillion fine imposed on the […]