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Switzerland to return Sani Abacha 'loot' money to Nigeria
Source: The Guardian
Switzerland to return Sani Abacha 'loot' money to Nigeria
David Smith
Wednesday 18 March 2015 16.35 GMT
Switzerland is to give Nigeria $380m (£260m) that was allegedly looted by the former military dictator Sani Abacha and stored in European bank accounts, officials announced on Tuesday.
The transfer will be carried out under the supervision of the World Bank, ending 16 years of court wrangling.
Abacha, who ruled Nigeria for five years after a 1993 coup, is believed to have stolen $4.3bn while in office, placing him among the ranks of Congo’s Mobutu Sese Seko as one of Africa’s most avaricious kleptocrats.
Following his death from a sudden heart attack in 1998, the Nigerian government asked Switzerland to help it recover $2.2bn that he was said to have stashed in European bank accounts. The tax haven was forced to relax banking secrecy regulations after some landmark rulings.
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David Smith
Wednesday 18 March 2015 16.35 GMT
Switzerland is to give Nigeria $380m (£260m) that was allegedly looted by the former military dictator Sani Abacha and stored in European bank accounts, officials announced on Tuesday.
The transfer will be carried out under the supervision of the World Bank, ending 16 years of court wrangling.
Abacha, who ruled Nigeria for five years after a 1993 coup, is believed to have stolen $4.3bn while in office, placing him among the ranks of Congo’s Mobutu Sese Seko as one of Africa’s most avaricious kleptocrats.
Following his death from a sudden heart attack in 1998, the Nigerian government asked Switzerland to help it recover $2.2bn that he was said to have stashed in European bank accounts. The tax haven was forced to relax banking secrecy regulations after some landmark rulings.
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Read more: http://www.theguardian.com/world/2015/mar/18/switzerland-to-return-sani-abacha-loot-money-to-nigeria