Switzerland to repatriate $321m Abacha loot

Nigeria and Switzerland on Friday signed a Memorandum of Understanding (MoU) on the repatriation of $321 million stashed in the European nation’s banks by the late maximum ruler, Gen. Sani Abacha.

The pact also seeks to block accounts linked to stolen funds.

This is the second batch of the stolen money linked to the late Abacha.

Switzerland also repatriated $722m to Nigeria in 2005.

The Swiss Ambassador to Nigeria, Eric Mayoraz, hinted that both countries are now in the process of repatriating the looted fund.

The MoU, he argued will help remove all the legal bottlenecks in the fund repatriation.

The envoy spoke during the signing of MoU on Mutual Legal Assistance on criminal matters, between the Swiss government and the Federal Government in Abuja.

Mayoraz noted that Friday’s event is significant in the sense that it would eradicate every bottlenecks associated with the repatriation of stolen funds kept in his country.

The ambassador, who stated that the pact is aimed at fostering understanding between the two countries as it relates to their different legal system said, “We are now in the process of repatriating $321m from the second batch of the Abacha loot.

“Our countries enjoy excellent relations and we cooperate as partners in many fields, particularly on the return of looted assets, migration, human rights, humanitarian assistance and many others.

“Today, we decide to take this cooperation forward to deepen it in the field of judicial cooperation. By signing a Memorandum of Understanding in this important area, our two states further strengthen their ties of friendship and cooperation.”