Switzerland agrees to return $321m looted by Abacha as it signs MoU on money laundering

SWITZERLAND has offered to return $321m looted by late head of state General Sani Abacha and kept in its banks as part of its commitment to fighting money laundering and other trans-national crimes.

 

Ruling Nigeria with an iron fist between 1993 and 1998, General Abacha participated in the most brazen form of kleptocracy ever seen in Africa before, embezzling as much as $5bn. A lot of this money was stashed in foreign banks and Switzerland with its lax monetary laws, was one of the general's favourite havens.

 

Yesterday, however, the Swiss ambassador to Nigeria, Eric Mayoraz, said the signing of a Memorandum of Understanding (MoU) on Mutual Legal Assistance on criminal matters, between the Swiss government and the Federal Government of Nigeria in Abuja, that the cash will be refunded. He stated that the MoU was aimed at fostering understanding between the two countries, particularly as it relates to their different legal system.

 

Mr Mayoraz said: “We are now in the process of repatriating $321m from the second batch of the Abacha loot as in 2005, we repatriated $722m in the first batch. Today’s event is significant in the sense that it would eradicate every bottleneck associated with the repatriation of stolen funds starched in our country.

 

“Our countries enjoy excellent relations and we cooperate as partners in many fields, on the return of looted assets, migration, human rights, humanitarian assistance and many others. Today, we decided to take this cooperation forward to deepen it in the field of judicial cooperation, so by signing a Memorandum of Understanding in this important area, our two states further strengthen their ties of friendship and cooperation.”

 

While stating that fighting international crime, in particular corruption, is an important issue also for the Swiss government as the MoU provides for a settle foundation to improve cooperation, the envoy added that it has the advantage of bringing direct contact through central authorities as well. Minister of state for foreign affairs, Hajia Abba Ibrahim, disclosed that the idea of signing the MoU was first muted in 2015 and would help block accounts of funds linked to money laundering and other trans-national crimes.