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Abacha’s Loot Recovery: Stolen $700 Million Returned To Nigeria From Switzerland

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Abacha’s Loot Recovery: Stolen $700 Million Returned To Nigeria From Switzerland

abacha loot 700 million nigeria

Dec 6, 2012 – Sanni Abacha’s Loot Recovery: Switzerland Returns Stolen $700 Million To Nigeria

Nearly 15 years after the death of General Sani Abacha, Nigeria’s former military ruler, the Swiss Government has said that it has so far returned to Nigeria the sum of $700 million stolen by the late dictator and deposited in several Swiss banks.

The Swiss Ambassador to Nigeria, Dr. Hans-Rudolf Hodel, announced the figure at a media briefing in Abuja on Tuesday.

Hodel also hinted that his country had begun proceedings in Geneva
against one of Abacha’s sons -Abba, for allegedly sponsoring a criminal organization but did not give further details.

The envoy explained also that in the last 15 years, Switzerland has returned about $1.7 billion of illicit money to their countries of origin including Angola, Peru, Nigeria and the Philippines.

The briefing was in respect of an international seminar by the Switzerland embassy and the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, and Combating the Financing of Terrorism.

The envoy however used the forum to deny the existence of fresh $1 billion being alluded to by former President Olusegun Obasanjo as still being held by the Swiss banks.

Hodel stated that the Abacha’s case in particular compelled his country to adopt more stringent measures to combat illicit dealings in its financial sector.

He said: “Swiss banking secrecy does not give any protection against criminal prosecution, neither within Switzerland nor regarding international legal assistance. Additional measures prevent assets from being withdrawn before foreign authorities and law enforcement agencies submit a formal request for legal assistance or information for investigative purposes.”

He expressed the hope that the repatriated funds would not be embezzled by corrupt officials of the benefitting nations.

He also spoke on the bilateral relations between Nigeria and Switzerland noting that $225 million was invested by Swiss businesses in the Nigerian economy in 2010 up from $201 million in 2009.

It will be recalled that a Geneva court had two months ago confirmed
the sentence handed down on the son of the former Nigerian dictator Sani Abacha for belonging to a criminal organisation linked to looted assets charges. (Source: Vanguardngr)

14 Comments

14 Comments

  1. Jacobjohnsonj

    December 6, 2012 at 5:50 AM

    Nigeria where are we?

    • Adegoke stephen

      December 6, 2012 at 7:39 AM

      Only God can save we masses frm dis autocratic leaders

  2. Olaitan lucy

    December 6, 2012 at 8:11 AM

    Like fada like son. The wrath of God is upon them n he shal b disgrace in no tym.

  3. Douglas Ekwo

    December 6, 2012 at 8:31 AM

    may God save us nigerians in Jesus name.

  4. benco

    December 6, 2012 at 9:55 AM

    Time without number, we’ve hearing about looted money and we never heard of the thing the government did with it. Stolen money is discovered and returned to the country and another loot. Is it better to stop announcing it at all. lol

  5. Phil Moltisanti

    December 6, 2012 at 10:15 AM

    Show us the money.

  6. da game behind da game

    December 6, 2012 at 10:58 AM

    what a good news but on the other hand, the money must have improved the swiss economy massively such as the infrastructures, railways, public sectors organisations, unemployment reduction etc for the past 15 years. Consequently, contributing to the factors of the social issues nigeria are suffering from since the past 15 years until now. Returning the physical money to nigeria which we haven’t seen is a complete rubbish and perceiving nigerians as imbelices. Imagine if the swiss government borrowed the money from the IMT, the interest or repayment could have be more than $700 hundred million dollars for more than 15 years. Divide and rule is a key weapon the west use against africans. when abacha was depositing the money in swiss bank, the swiss govenrment did say anything cos it was useful to their economy and now they want us to hate abacha’s family since the going is not good anymore. Maybe tomorrow, the next news headline might be obasanjo if the going happens to go against him with the swiss. The lesson from this gullible news headline is that only unity can help africans and not the west 21st century slavery ideology such as this news headline.

  7. Ohia

    December 6, 2012 at 11:14 AM

    So corruption did not even start today, even in the regime of so called Sani Abacha…….nawahoo

  8. Stanley Kone

    December 6, 2012 at 1:29 PM

    chop I chop that is the motto of nigeria.

  9. michael

    December 6, 2012 at 1:51 PM

    If they can used this money to set-up oil refinery in nigeria it will be better so please let us make used of this on this oil sector

  10. Franklin Dialo

    December 6, 2012 at 3:19 PM

    na so dem dey cary our money yankee go keep am there 4 dem children children while we dey here 4 9ja dey die of poverty nd hunger. May god helep us.

  11. frmi omirin

    December 6, 2012 at 9:25 PM

    all this money wey dem dey collect where dem dey self?

  12. Chatta Bello Ojo

    December 7, 2012 at 12:24 PM

    Now that the money has recover, who will manage it judiciously? President?, Senators? Assembly?, Nigeria is joke country, plenty of 419 and arm rubbers, the next thing you will heard now is that, the money has transfer to U.S Bank for security reason….fools.

  13. Friday Nicholas Omoghagha Oreh

    December 7, 2012 at 2:11 PM

    HAPPY THEY ARE NOW, ANOTHER TIME TO SHARE THE MONEY, BECAUSE THAT IS THE WAYS OF NIGERIA GOVERNMENT , DIPLOMATICALLY THE MONEY WE BE SEARED. THAT IS WHY NIGERIA IS STILL BACKWARD , NOW SEE SOUTH AFRICA AND EGYPT THEY ARE NOW FAR BETTER THAN NIGERIA. THEY DON'T EVEN HAVE WHAT NIGERIA HAS TO GROW AND PREPARE THE FUTURE. LETS BUILD NIGERIA LET ALLOW NIGERIA TO GROW PLEASE.

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