Switzerland to Return $321m Abacha Loot

• Switzerland to Return $321m Abacha Loot

The Federal Government on Monday reached an agreement with the Switzerland to repatriate $321 million traced to the late former Head of State, General Sani Abacha, according to the Cable.

The Memorandum of Understanding (MoU) was signed on behalf of Nigeria by the Attorney-General of the Federation, Abubakar Malami, in Washington DC, United States at the headquarters of the World Bank Group.

According to the deal signed, the fund is expected to be spent on social protection programme in Nigeria.

The late former Head of State, General Sani Abacha, ruled Nigeria for five years, during which he stashed billions of dollars abroad. While several recoveries have been made since the nation return to democracy in 1999, government has been accused of mismanagement. Therefore, civil society organisations involved in the negotiation are expected to monitor the fund henceforth.

According to Malami, funds meant for infrastructure and national development had been stolen and stashed in different parts of the world. In the last 10 years, Switzerland has returned more than $723 million stashed in various bank accounts abroad.

“It is widely acknowledged that corruption undermines economic development, political stability, rule of law, social development, disrupts social order and destroys public trust in the governance system. It is an established fact that corruption which is linked to organised crime, terrorism and insecurity is one of the reasons for underdevelopment,” he added.