Switzerland To Return Funds Looted By Late Gen Abacha To Nigeria

Switzerland will be closing a 16-year case on the looted
funds, stashed away by late military dictator, General Sanni
Abacha by returning about $380 million (360 million euros)
to Nigeria. The return of the funds to Nigeria was based on
a deal brokered with the Abacha family that agreed to drop
charges of corruption against one of Abacha’s sons.
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.
General Sanni Abacha was Nigeria’s military head of state
be from 1993 to when he died in 1998, the economy
reportedly boomed under his rule although he was seen as
extremely corrupt and iron fisted, especially facing
criticisms in human rights abuses.