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.
I have been reporting on latest news from Nigeria for almost 10 years now. I report on every possible news area I come across, but always ensure my reports are compiled with dignity and fact to uphold my personal values and duty as a journalist
Posted: at 15-03-2016 09:08 PM (8 years ago) | Addicted Hero
Otikadinje at 15-03-2016 09:26 PM (8 years ago) (m)
I sincerely hope that the incumbent government will use this money judiciously to the benefit of Nigerians and not for their selfish interest .
Oscardeejay
Posted: at 15-03-2016 09:26 PM (8 years ago) | Gistmaniac
Slimchery at 15-03-2016 09:39 PM (8 years ago) (m)
African Leadears, it cut me so deep with much pain anytime I read of our leaders stealing money and sending it back to same people that steal fro us before to keep developing their country while we can't even eat 2 squre meal a day, just imagine if this money was use for just light , water , road? Would Nigeria not be a better place and be one of the most beautiful country? instead they steal to build company outside, build houses in US and UK and Hotels Dubai, go for treatment outside nigeria, why can't you people just build good hospitalin Nigeria, why all this evil? why,why , why
Posted: at 15-03-2016 09:39 PM (8 years ago) | Gistmaniac
Switzerland why did you people return the money to Nigeria is going to be useless here because money vampires are here to swollen the N142.43 Billions with a twinkle of an eye
Posted: at 15-03-2016 11:59 PM (8 years ago) | Gistmaniac
samdove28 at 16-03-2016 08:28 AM (8 years ago) (m)
Quote from: Eros Okundaye on 15-03-2016 09:39 PM
African Leadears, it cut me so deep with much pain anytime I read of our leaders stealing money and sending it back to same people that steal fro us before to keep developing their country while we can't even eat 2 squre meal a day, just imagine if this money was use for just light , water , road? Would Nigeria not be a better place and be one of the most beautiful country? instead they steal to build company outside, build houses in US and UK and Hotels Dubai, go for treatment outside nigeria, why can't you people just build good hospitalin Nigeria, why all this evil? why,why , why
You have talk my mind dear, pls help me ask them ooo.
Posted: at 16-03-2016 08:28 AM (8 years ago) | Gistmaniac
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