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Switzerland set to return $380m Abacha loot

Switzerland set to return $380m Abacha loot
March 17
19:14 2015
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Swiss authorities are set to repatriate to Nigeria, $380 million looted by Sanni Abacha, former head of state, Geneva’s public prosecutor revealed on Tuesday.

The $380 million will be returned under the supervision of the World Bank.

Since his death in 1998, monies running into billions of dollars embezzled by Abacha, who ruled Nigeria for a period of five years, have been returned to the country in batches.

The prosecutor said the latest of the loot to be returned was placed in several accounts that were controlled by the Abacha family but was confiscated last year following an agreement between the federal government and the family.

The agreement led to the dropping of a case against Abba Abacha, one of the sons of the late dictator.

In 2012, Abba was handed a one-year suspended prison sentence for participating in a criminal organisation.

But Switzerland’s top court cancelled the sentence in May 2014, citing procedural reasons.

However, the prosecutor said Abba has already been detained for 561 days from 2004 to 2006, without receiving compensation.

The Abacha affair began in 1999, when Nigeria asked the Swiss judicial authorities to help recover $2.2 billion ($2 billion euros) embezzled and siphoned by Abacha while he was in power.

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2 Comments

  1. strong arm
    strong arm March 17, 20:11

    Abacha transfixed his eyeballs on Nigerians and salted $2B verified abroad .No telling how much was lost between the cracks nor that invested in Nigeria and that given away as gift to his friends and family.The sad thing is that it was not only him. All other military and civilian rulers before him did the same except perhaps Balewa, irons gowon and murtala. Buhari stole so did Shagari so did obasanjo, Abdul whatever and the of them including the doyen of brigandry Babangida
    They all stole from Nigeria by use of exclusive access to coercive force all the while eyeballing us as if to say” what the f*** are you gonna do” folks do you know how much 2 billion dollars can buy?…..is 2 billion dollars stolen from the people without consequence enough reason to rise against a state which bleeds the life out of its own people?

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  2. Emmanuel
    Emmanuel March 18, 00:17

    17years after! At 10% interest per annum, you’ve more than doubled the principal. Eyin Swiss, e ku ise o.

    Reply to this comment

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