Switzerland to return US$321m looted by former Nigerian leader
05 Dec 2017

Switzerland will repatriate hundreds of millions to Nigeria that were confiscated from its former military leader Sani Abacha.

The assets were initially frozen in Luxembourg before being confiscated by the Swiss public prosecutor’s office.

The repatriation agreement was signed by top officials from recovered $85 million in funds from an oil licence deal that had been deposited in Britain, the West African country’s attorney general said.

The money was frozen at the request of prosecutors as a result of an Italian investigation. There is no suggestion of wrongdoing by British authorities.

Since coming into power President Muhammadu Buhari has looked to address corruption, and has sought help from several nations, including the UK, to recover money he said was taken from Nigeria’s public coffers.

Nigeria has also called for the support of publicly accessible registers of beneficial ownership, which will help identify the true owners of firms and enhance corporate transparency.

Related topics:

Nigeria: Secret companies of senator who laundered billions for Abacha uncovered in tax havens

Nigeria at half time

Swiss must improve fight against money laundering – UN expert

Advance your CPD minutes for this content, by signing up and using the CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.