Switzerland Confirms Release Of $1Billion Abacha Loot To Nigeria, Blasts Buhari For Refusing To Use Fund To Alleviate Poverty

switzerland releases 1billion abacha loot nigeria

Switzerland Confirms Release Of $1Billion Abacha Loot To Nigeria, Blasts Buhari For Refusing To Use Fund To Alleviate Poverty

Swiss Government has repatriated over $1billion Abacha loot to Nigeria, its Ambassador Eric Mayoraz aid yesterday in Abuja.

He added that his country is collaborating with the federal government to trace and repatriate looted funds stashed in foreign lands.

Mayoraz said;

“All fund hidden in Swiss banks by Abacha was fully repatriated and so we don’t have any of such fund in Switzerland again. $752m was returned in 2005 and we discovered more and more in other banks and that involved the $322.5m that was repatriated earlier this year.”

He spoke at the Forum on Asset Recovery hosted by the Swiss Embassy to discuss issues surrounding the Abacha 2 asset recovery between the two countries with many non-governmental organisations and representatives of international agencies in attendance.

Although the envoy declined to reveal details of the funds that would likely be repatriated back to Nigeria, he explained that the ongoing efforts are geared towards getting a positive result in line with the Mutual Legal Persistence Request agreement signed between the two countries.

Decrying what he termed lack of transparency in the Nigerian government’s handling of the funds, Mayoraz said the Swiss government insisted on the involvement of the World Bank in the management of the $322.5m to ensure that money was spent to alleviate the sufferings of the poor.

“Unfortunately, some of the assets that were returned, there was not so much transparency in it. So, we have to introduce the World Bank to get involved in this so that this particular one can be used by the Nigerian government with the monitoring of the World Bank”, he said.

4 thoughts on “Switzerland Confirms Release Of $1Billion Abacha Loot To Nigeria, Blasts Buhari For Refusing To Use Fund To Alleviate Poverty

  1. As Buhari never admitted that Abacha looted money,how can that figure sitting in Aso Rock accept or make it known to Nigerians that money was repatriated….it seems the Fulanis,(fake Buhari #1) are using the money to be increasing their cows in Nigeria.

  2. Nonsense! Can $1billion alleviate poverty in a state of 2 million people not to talk of a country of 180million people. Speaking of transparency, why didn’t they( Swiss) tell us how much interest was paid on the money since 1996. When it comes to other issues such as herdsmen problem, economic dexterity and social development, Buhari is an awful fool.

  3. Dear Danti, i don’t want to believe u don’t know what 1billion dollars is when converted to Naira and what it can do for the 36 states of Nigeria if used.
    these our so called leaders are the foundation of Nigeria problems.
    but God avenge for us.

  4. How can one man steal $1billion? To even think he stole it in the 90’s is worse. Most of the black leaders are conjured from hell as that will be the only explanation for their actions. Even the South Africa that Mandela went to prison for, he left after 4yrs of leadership and that yam head Zuma got there and started looting. So many of them just want to be presidents for life while destroying the country. What the heck is wrong with these people?

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