The Swiss government has concluded plans to return $380 million to Nigeria, which is part of money stashed in Swiss banks by former dictator, Gen. Sani Abacha while he was in power.
Geneva prosecutors said today Tuesday March 17th that they ordered the money seized in Luxembourg starting in 2006 & was officially confiscated last year following an agreement between Nigeria and the Abacha family under which FG dropped its case against Abacha's son, Abba Abacha.
Switzerland has previously returned to Nigeria more than $700 million that Abacha stashed in Swiss accounts. If the Swiss government makes this new cash return, it would bring the total amount of Abacha's loot returned so far to $1.080 billion.
Switzerland will return to Nigeria some $380m (£260m) allegedly looted by ex-military ruler Sani Abacha, an official has said.
The transfer, to be conducted under the supervision of the World Bank, will end a 16-year case against the Abacha family.Switzerland has already returned $700m, following appeals from Nigeria.
Abacha ruled the oil-rich West African state with an iron fist from 1993 until his death in 1998.
Soon thereafter, Nigeria's new rulers asked Switzerland to help it recover $2.2bn that he had reportedly stashed in European bank accounts.
'Transparency' The $380m was seized in 2006 in Luxembourg, following a request from Swiss authorities, the Geneva prosecutor's office said in a statement.
The BBC's Will Ross reports from the main city, Lagos, that massive corruption still plagues Nigeria.
Billions of dollars are alleged to have gone missing from the state oil firm in recent years, he says.
The World Bank has been asked to oversee the return of the latest money, presumably to add a degree of transparency, our correspondent adds.
Democratic rule was restored in Nigeria a year after Abacha's death.
Many Nigerians saw him as one of the country's most repressive rulers.
