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Nigeria: Switzerland to repatriate $321 million confiscated from the Abacha family

Nigeria and Switzerland have signed an agreement for the repatriation of $321 million seized from the family of the Nigeria’s former military ruler, Sani Abacha. Nigeria faces a myriad of security, economic and social problems and against the backdrop of these prevailing challenges, we ask how should the money be allocated and used, where is it urgently needed?

Nigeria’s former military leader Sani Abacha Photo: Premium times

Nigeria’s former military leader Sani Abacha Photo: Premium times

Nigeria and Switzerland have signed an agreement for the repatriation of $321 million seized from the family of the Nigeria’s former military leader, Sani Abacha, initially deposited in Luxembourg.

According to Vice President Yemi Osinbajo’s official Twitter account, “The AG of the Federation, Mr. Abubakar Malami, SAN, signed an agreement on behalf of the Nigerian government”.

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The government is developing a framework which will aid the repatriation of stolen Nigerian assets stashed abroad.

The framework “will cover the whole spectrum, from the source of the stolen asset, to how it will be managed once recovered,” Osinbajo said.

Abacha, who ruled Nigeria between 1993 and 1998, is believed to have looted about $5 billion while in office. Over the years, Nigeria has lost millions of dollars through corruption and illicit financial flows.

The country faces a myriad of security, economic and social problems and the news of the impending repatriation has been welcomed although there are concerns over how the money will be spent.

Against the backdrop of the prevailing challenges, we ask how should the money be allocated and used, where is it urgently needed?

Source: Twitter

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Written by PH

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