Switzerland agrees to return R4.38-billion stolen from Nigeria

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President Sani Abacha, Nigeria, Nigeria
President Sani Abacha, Nigeria, Nigeria

The government of Switzerland has agreed to return around $321 million (R4.38-billion) stolen from Nigeria during President Sani Abacha era.

Switzerland confirmed it will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said.

Transparency International, a corruption watchdog, has accused Abacha of stealing up to $5 billion of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.

In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.

The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.

Source: Reuters

 

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