Nigeria Welcomes Swiss Offer To Repatriate $321 Million Looted By Abacha

Although we are headquartered in Washington D.C. USA, our reporters and editors are working around the globe to cover what you care about. We invite you to donate to our fundraiser to help us keep our quality news free and available to all.  

Nigeria is pleased with the offer by the Swiss government to return $321 million, part of the funds looted by Nigeria’s worst dictator, General Sani Abacha, who died in power in 1998, Vice President Yemi Osinbajo said on Tuesday.

Mr. Osinbajo, who turned 59 same day, said the federal government  is currently developing a framework to aid the repatriation of money stolen from Nigerian coffers.

He was speaking at the Presidential Villa in Abuja during a meeting with a Swiss delegation led by the country’s Federal Councillor and Head of its Foreign Affairs Department, Mr. Didier Burkhalter and the Swiss Ambassador to Nigeria,  Mr. Eric Mayoruz.

“We guarantee that recovered assets would be put to uses for which they have been intended,” Mr. Osinbajo said.

He said once the framework is finalised, it will be a public document that would cover “the whole spectrum from the source of the stolen assets to how it would be managed once recovered”.

“The framework will guarantee that returned assets will be used in the interest of the people of this country.”

To ensure this, in the proposed 2016 Budget, the federal government has already included anticipated funds from the recovery effort on the funding side, he said.

The Vice President said the federal government appreciates the Swiss government for their very laudable efforts and noted that the “Swiss has always been at the forefront of returning stolen assets and ensuring that the people of Nigeria gets the benefit.”

The Attorney-General of the Federation and Justice Minister, Mr. Abubakar Malami, signed an agreement described as a “Letter of Intent” between the Swiss government and the Nigerian government on the restitution of illegally-acquired assets forfeited in Switzerland. Mr. Burkhalter signed the letter for the Swiss government.

Under the agreement the Swiss government will award to Nigeria $321m “of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the Judiciary of the Republic and Canton of Geneva pursuant to a Forfeiture order dated 11th December 2014.”

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

Today News Africa
Today News Africahttps://todaynewsafrica.com
TODAY NEWS AFRICA is registered and headquartered in Washington, District of Columbia, United States of America. Our publication is widely read, respected and influential. By providing daily answers to questions our readers have about the people, the businesses and the continent of Africa, we are reaching a diverse and wide audience from around the world. Our readers, many of them world leaders, trust us because we are independent and truthful. Our advertisers understand the difference between news, views and ads. Contact us: contactus@todaynewsafrica.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

300,504FansLike
227FollowersFollow
6FollowersFollow
1FollowersFollow
911FollowersFollow
138SubscribersSubscribe

JUST IN

Amnesty International USA outraged over Trump’s decision to cut refugee cap to lowest level ever

Amnesty International USA has expressed outrage over the announcement by the Donald Trump administration late on Wednesday that it will admit...

Human Rights Watch warns Egypt security forces torturing gays

Egyptian police and National Security Agency officers arbitrarily arrest lesbian, gay, bisexual, and transgender (LGBT) people and detain them in inhuman conditions,...

World leaders, celebrities to join WHO’s big event for mental health on October 10. About 1 billion people live with a mental disorder

On October 10, World Mental Health Day, world leaders and internationally-recognized celebrities and mental health advocates will come together for the World...

Trump admin will admit only 15,000 refugees in 2021 down from 18,000 this year and 100,000 under Obama

The Donald Trump administration announced late on Wednesday that it will admit only 15,000 refugees in the 2021 fiscal year which...

Rights groups urge President Tshisekedi to end widespread impunity in DR Congo as crimes and killings continue

At least two human rights organizations are urging President Felix Tshisekedi to take concrete steps to end impunity in the Democratic...

MOST POPULAR

Damning report finds detainees in Iran were sexually abused and given electric shocks in gruesome post-protest crackdown

Iran’s police, intelligence and security forces, and prison officials have committed, with the complicity of judges and prosecutors, a catalogue of...

IMF has given $31 billion to 76 countries to respond to COVID-19, including over $10 billion to 47 low income nations

The International Monetary Fund (IMF) has given $31 billion in emergency financing to 76 countries in the world to respond to...

Nigeria could shut down on Monday as more unions pledge to join strike amid increase in power and petrol prices

Africa's most populous country, Nigeria, could shut down on Monday, as more unions pledge to join a strike action amid an...

Nigerian activists send open letter to President Buhari urging him to prosecute more than 100 high-profile corruption cases he has ignored

Nigerian activists have sent an open letter to President Muhammadu Buhari urging him to prosecute more than 100 high-profile corruption cases...

Biden wins disastrous, embarrassing, worst presidential debate, as out of control Trump fails to change perceptions and refuses to condemn white supremacists

Joe Biden won the first presidential debate on Tuesday night amid countless interruptions by President Donald Trump who was supposed to...

Six rights groups demand justice for Guinea stadium massacre victims, 11 years after September 28, 2009 attack left more than 150 dead

Six human rights organizations on Monday joined forces with the victims and their family members to demand justice for the killings of more than 150 demonstrators, rapes, and other crimes committed by the Guinean security forces on September 28, 2009, in a stadium in Guinea’s capital, Conakry.The groups are the Association of Victims, Relatives and Friends of September 28,...

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

WhatsApp
Reddit
Share
Tweet
Share