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Monday, January 11, 2016

SwitzerlandTo Return $300m Abacha's Loot To Nigeria

Switzerland’s government has concluded plans to transfer to the Nigerian government, the sum of $300 million recovered from the family of former military dictator, General Sani Abacha.
Switzerland’s government has concluded plans to return Abacha’s loot
This disclosure was made known by the minister of foreign affairs, Geoffrey Onyeama on Monday, January, 11.
The fund to be transferred is said to be part of an estimated $5 billion stolen and kept in foreign accounts by the late military ruler.
So far, the country had reportedly received over $1 billion in the past 10-year from the Swiss and American governments and the recovered funds had been a subject of controversy as past administrations were reportedly said to have misappropriated the fund.
According to Premium Times report in December 2015, the former minister of finance, Ngozi Okonjo-Iweala, with the approval of ex-president Goodluck Jonathan, allegedly authorized the diversion of N61.4 billion($300 million and £5.5 million) from the funds recovered from Abacha, to the office of the national security adviser, Sambo Dasuki, about three weeks before the 2015 presidential elections.
Okonjo-Iweala had said that the fund which was not approved by the National Assembly was meant for the purchase of arm to prosecute the war against insurgency.
This new fact was disclosed by Benue state governor, Samuel Ortom in a chat journalists at the end of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the state house, Abuja.