Vision1 FM                       Light FM                         Light TV

Switzerland to return around $321 million in assets seized from the Abacha family to Nigeria

Switzerland will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said.

 

 

Transparency International, a corruption watchdog, has accused Abacha of stealing up to $5 billion of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.

 

In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.

 

The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.

 

In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

 

Now Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank, the Swiss government said.

 

“The project will strengthen social security for the poorest sections of the Nigerian population. The agreement also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption,” it added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: africanews.com

More News..

Most Difficult Thing Is What To Do After Football - Essien Speaks On Career Most Difficult Thing Is What To Do After Football - Essien Speaks On Career 2018-05-21 - In the twilight of his career, Ghana international Michael Essien...
We Should All Be One For Holistic National Development - President Akufo-Addo We Should All Be One For Holistic National Development - President Akufo-Addo 2018-05-21 - President Nana Addo Dankwa Akufo-Addo has called for unity among...
Dozens Injured In Crash On Tema Motorway Dozens Injured In Crash On Tema Motorway 2018-05-18 - A Mercedes Benz bus with registration number GT 3766-17 traveling...
"Political Will Needed To Ensure Justice In Murder Of 44 Ghanaians In The Gambia"  2018-05-18 - A former judge of the United Nation’s International Criminal...
Soldiers attack police officers, residents in Tamale Soldiers attack police officers, residents in Tamale 2018-05-17 - Some soldiers in the Northern Regional capital, Tamale went on...
NPP Denies Attack On Highway Workers NPP Denies Attack On Highway Workers 2018-05-17 - The Northern Regional Secretary of the New Patriotic Party (NPP),...
David Moyes leaves West Ham David Moyes leaves West Ham 2018-05-16 - Manager David Moyes has left West Ham after just over six months...