Switzerland To Return $321m Abacha Loot – Osinbanjo

Vice President, Prof. Yemi Osinbajo SAN, disclosed yesterday that the Federal Government has accepted an offer of the Swiss government to return $321m stolen funds from Nigeria under the Abacha government, and is now developing a framework that will aid the repatriation of the funds stashed abroad.

He said the framework once finalized will be made available publicly and it would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered.

Prof. Osinbajo commended the Swiss government on its assistance in repatriating the country’s stolen assets, saying that the federal government appreciated the Swiss government for their very laudable efforts.

Meanwhile, the attorney-general of the federation and justice minister, Mr. Abubakar Malami, SAN, signed an agreement which was described as a “Letter of Intent” between the Swiss government and the Nigerian government on the restitution of illegally-acquired assets forfeited in Switzerland. Mr. Burkhalter signed the letter for the Swiss government.

Under the agreement, the Swiss government will award to Nigeria $321m of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the Judiciary of the Republic and Canton of Geneva pursuant to a Forfeiture order dated 11th December 2014.