Nigeria is to get cash boost after signing a pact with Switzerland which allows the latter country return about $300 million from the amount a former leader of the country stole, General Sani Abacha.
The former leader was reported to have stolen as much as $5 billion during his four-year stay as the Head of State of the West African nation. According to Mr Laolu Akande, a spokesman for Nigerian Vice President Yemi Osinbajo, Nigeria’s attorney general signed a letter of intent, under the terms of which Switzerland will award Nigeria $321 million “acquired by the Abacha family,”
Swiss authorities said the letter of intent was also signed by its head of the Federal Department of Foreign Affairs, Didier Burkhalter, and “marks an important step towards the return of assets monitored by the World Bank”.
In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.
He was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody. In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.
The cash boost is expected to help in the country in the midst