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Abacha Loot: Switzerland Gives Condition for Return

Posted by ThisDay Onlline on 2005/05/27 | Views: 497 |

Abacha Loot: Switzerland Gives Condition for Return


Switzerland is to return to Nigeria about $460 million (SFr568.2 million) stashed in Swiss bank accounts by the late military Head of State

Switzerland is to return to Nigeria about $460 million (SFr568.2 million) stashed in Swiss bank accounts by the late military Head of State, Sani Abacha.
Under conditions set by the Swiss government, World Bank will monitor that the money is used by Nigeria for development projects.

But there are no further conditions, despite claims from Abuja that Bern had blocked return of the money until there was a solution to the problem of illegal Nigerian immigrants in Switzerland.

"It is not a condition for the return of the money," said Swiss Justice Ministry spokesman, Livio Zanolari.

He added that repatriation of the illegal Nigerians had been "an issue of discussion between the two countries" for several years.

Bern has decided to return about $290 million of the Abacha money in a first stage as soon as control methods are defined by World Bank, the justice and police ministry said in a statement on Thursday.

Assets accounting for the remaining $170 million, which are currently tied-up, are to be unblocked and transferred to a separate account.
Nigeria has on several occasions assured Switzerland that the Abacha funds will be used to pay for development projects in areas such as health, education and infrastructure.

Money for infrastructure would be spent on road building, and electricity and water supply. These projects were financed as early as last year by means of a bridging loan.

The Swiss Federal Court ruled in February that the money could be returned to Nigeria, essentially upholding a decision in August last year by the Federal Justice Office for the transfer of the money.
The country’s highest court in Lausanne was of the opinion that most of the money was clearly of criminal origin.

During his dictatorship between 1993 and 1998, Abacha is believed to have embezzled more than $2.2 billion dollars belonging to Nigeria’s central bank.
After his death in June 1998, about $700 million deposited in Swiss bank accounts was frozen. About $200 million of that was later returned to Nigeria after a decision by judicial authorities in Geneva.

Appeals by the Abacha family, who have opposed the return of the former dictator’s funds, have failed.
In mid-April, Germany extradited to Switzerland Abacha’s son Abba. He is now in a Swiss jail accused of money laundering, fraud, breach of trust and membership of a criminal organisation.


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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.