Nigeria To Receive $321m Abacha Loot From Switzerland

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Nigeria, Switzerland and the World Bank, has signed a tripartite Memorandum of Understanding (MoU)  which will pave the way for the release of the cash allegedly looted by Nigeria’s former military leader, the late  Gen. Sani Abacha  to the country.

The Nation Newspaper report that the money is part of the estimated $5billion looted by late Gen. Sani Abacha, who was head of state between 1993 and 1998.

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Minister of Justice and Attorney-General of the Federation (AGF) Abubakar Malami (SAN) signed the MoU on behalf of Nigeria, according to his media aide Salihu Othman Isah   in a statement yesterday.

“The modalities for the return of the stolen funds are set out in the MoU that was signed by the three parties at the Global Forum on Asset Recovery (GFAR) currently ongoing in the United States,” he said.

Isah added that Director of the Directorate of International Law, Ambassador Roberto Balzaretti, who led the Swiss delegation to the GFAR, signed for Switzerland. The Country Director of the World Bank office in Abuja, Rachid Benmessaoud, signed for the World Bank.

“The MoU stipulates that the restitution of funds will take place within the framework of a project known as the National Social Investment Programme that will strengthen social security for the poor in Nigeria.

“The MOU also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption.

“The chosen solution for restitution is being undertaken by the three contracting parties as a partnership,” he said.

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