'Abacha loot': Switzerland to return $320m to Nigeria

| Updated Dec 06, 2017 at 12:09pm

 

The late ruler is suspected to have embezzled about $2.2bn from Nigeria's central bank

 

The Swiss government has announced that it will return $320m (£240m) of the money allegedly stolen by Nigeria's late military ruler Sani Abacha.

The money was frozen in 2014 by a Swiss court after a legal procedure against his son, Abba Abacha.

Originally deposited in Luxembourg, it is a fraction of the billions of dollars allegedly looted during his rule from 1993 to 1998.

Recovering the "Abacha loot" has been a major priority for Nigeria.

President Muhammadu Buhari made the recovery of stolen assets a major part of his 2015 election campaign and this will be the largest yet.

Although an agreement to repatriate the money was signed in March, the Nigerian Ministry of Justice, the World Bank and Switzerland have been grappling with legal complications surrounding the return of the money, says the BBC's Stephanie Hegarty in Abuja.

However an agreement setting out how the money would be repaid was signed on Monday by the three parties at the Global Forum on Asset Recovery GFAR in Washington, which means the funds will finally be sent back to Nigeria.

SOURCE: BBC NEWS



POST A COMMENT 0