Politics

Swiss give condition to repatriate $321m Abacha loot

Swiss give condition to repatriate $321m Abacha loot

Switzerland has set conditions for the repatriation of Nigeria’s $321 million stolen fund stashed in Swiss accounts.

According to Swiss Foreign Minister, Mr Didier Burkhalter a treaty on the usage of the fund must be spelt out before the money will be released.

Besides, the World Bank must be involved to monitor how the money would be spent.

Didier Burkhalter, Swiss Foreign Minister who spoke in Abuja after a meeting with his Nigerian counterpart, Mr. Geofrey Onyeama said that if both countries sign a treaty very swift and possibility to support social projects in Nigeria, with the monitoring of the World Bank the money would be restituted.

He stressed that for the Swiss government it is very important to act swiftly, in a transparent way and act for the good of the population of Nigeria.

The minister assured Nigeria that his country would try to write another chapter of the history of illicit asset recovery and restitutions from Switzerland to Nigeria

He said: “There is a history we had already ten years ago did repatriation of the Abacha fund for $700million and now there is a possibility and already the decision as in principle to restitute another $321million.

“And for the Swiss Government it is very important to act swiftly, to act in a transparent way and act for the good of the population of Nigeria.

Read also: Switzerland to return $321m Abacha loot

“And the decision of the prosecutor of Geneva set a condition and this condition is monitoring mechanism by the World Bank.

According to him if we signed a treaty very swiftly and possibility to support social projects in Nigeria, with the monitoring of the World Bank the money would be restituted.

The envoy said that the time to repatriate the fund “depends on the capacity of our finding the solution to the conditions that are set.

Onyeama on his part announced that both countries have commenced process to repatriate $321million looted public funds starched in Swiss Bank.

The minister said that there have to be an agreement on what the repatriated money will be used for as precondition for the release.

 

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