Swiss government are currently in talks with Nigerian government on how to return the sum of $300 million ceased from the family of the late military head of state, Gen. Sani Abacha.
The Minister of Foreign Affairs, Geoffrey Onyeama disclosed on Monday in Abuja during an inaugural ceremony of the 22nd regular course of Foreign Service Academy that the Federal Government has recovered the sum of $100 million looted by the military head of state and that the government of Switzerland is prepared and ready to transfer another $300 million to Nigeria.
“Nigeria recently recovered a huge amount of money from the government of Switzerland. I met with Switzerland representatives last week to work out the modalities for the recovering of these funds. So far Nigeria has recovered over $700 million, and there are ongoing negotiations on how that money would be applied. Discussion is also ongoing to recover another $300 million.”
The money is believed to be part of an estimated $5 billion stolen and lodged in foreign accounts by the late dictator.
Nigeria has for the past ten years received not less than $1 billion from Swiss and American governments as money stolen by the late dictator.
The minister also stated during his speech that discussions are on-going with other countries such as the United Kingdom, United States and others to recover looted funds lodged in these countries by past leaders.
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According to the Nation, Nigeria and the Abacha family reached an agreement in 2014, for the country to get back the funds, which had been frozen, in return for dropping a complaint against Abba Abacha, the son of the former military ruler.
Abba Abacha was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and subsequently spent 561 days in custody. In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.