Abacha Loots: Switzerland Returning $380 Million To Nigeria

Switzerland will return to Nigeria some $380 million (360 million euros)
linked to ex-dictator Sani Abacha, Geneva’s public prosecutor said
Tuesday, adding that it was closing a 16-year case on the funds.

Abacha ruled oil-rich Nigeria with an iron fist from 1993 until he died in
1998. The economy grew under his rule, though he was seen as extremely
corrupt and faced criticism over his human rights abuses in the oil-rich
nation.

The decision to return the funds follows a July 2014 deal between Nigeria
and the Abacha family.

Under the agreement, the funds would be confiscated and returned to
Nigeria, while Abuja would drop its case against the deceased dictator’s
son Abba Abacha.

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.