4 December 2012

Nigeria: Swiss Envoy - We Have Returned U.S.$700 Million Abacha Loot

Photo: Vanguard
Cartoonist depicts bad governance and corruption in Nigeria.

The Ambassador of Switzerland to Nigeria, Dr. Hans-Rudolf Hodel has disclosed that a total of $700 million deposited in Swiss banks by the late former military President, General Sani Abacha have so far been returned to the Nigerian government even as proceedings are still pending in Geneva against Abacha's son, Abba, for support of a criminal organization.

He added that in the last 15 years, Switzerland has so far returned about $1.7 billion of illicit money to their countries of origin including Angola, Peru, Nigeria and the Philippines.

Hodel made this disclosure in Abuja, Tuesday, when he briefed newsmen about an upcoming seminar by the Switzerland embassy and the Inter-Governmental Action Group against Money Launring in West Africa (GIABA) on Anti - Money Laundering and Combating the Financing of Terrorism where he noted that he is not aware of the existence of $1 billion alluded to by former President Olusegun Obasanjo as still being held in the Swiss banks.

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