SWISS GOVERNMENT CONFIRMS RETURNING $723 million (142.43 billion)

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The Swiss government confirmed that it has 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 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 amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently it was planning to repatriate to Nigeria.
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.

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