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.
Source: PremiumTimes
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