News: Abacha loot: Switzerland to return $380 Million back to Nigeria

Switzerland will return to Nigeria some $380 million (360
million euros) linked to ex-dictator Sani Abacha, Geneva’s
public prosecutor said Tuesday, adding that it was closing
a 16-year case on the funds.
Abacha ruled oil-rich Nigeria with an iron fist from 1993
until he died in 1998. The economy grew under his rule,
though he was seen as extremely corrupt and faced
criticism over his human rights abuses in the oil-rich nation.
The decision to return the funds follows a July 2014 deal
between Nigeria and the Abacha family.
Under the agreement, the funds would be confiscated and
returned to Nigeria, while Abuja would drop its case against
the deceased dictator’s son Abba Abacha.
The $380 million had been placed in several accounts
abroad that were controlled by the Abacha family, which is
considered a criminal organisation, the Geneva prosecutors’
office said in a statement.
The money was seized in 2006 in Luxembourg, under
orders from the Swiss authorities.
The Abacha family had also placed some $500 million (530
million euros) in Swiss banks, though those funds have
already been returned to Nigeria.
The $380 million will be returned under the World Bank’s
supervision, said the prosecutor’s office.
The authorities have also decided to drop their case against
Abba Abacha, which began in 1999.
In 2012, the dictator’s son was handed a one-year
suspended prison sentence for participating in a criminal
organisation.
Switzerland’s top court cancelled the sentence in May
2014, citing procedural reasons.
The Geneva prosecutor’s office on Tuesday said Abba
Abacha 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 it recover $2.2 billion ($2
billion euros) embezzled and siphoned off by Sani Abacha
while he was in power. CLICK HERE TO READ FULL AND TOUCHING NIGERIAN CELEBRITIES BIOGRAPHY AND SCANDALS

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