Switzerland to return $380 million Abacha's loot to Nigeria

iSwitzerland will return to Nigeria some $380
million (360 million euros) linked to ex-dictator
Sani Abacha, Geneva’s public prosecutor said
Tuesday, adding that it was closing a 16-year
case on the funds.
Abacha ruled oil-rich Nigeria with an iron fist
from 1993 until he died in 1998. The economy
grew under his rule, though he was seen as
extremely corrupt and faced criticism over his
human rights abuses in the oil-rich nation.
The decision to return the funds follows a July
2014 deal between Nigeria and the Abacha
family.
Under the agreement, the funds would be
confiscated and returned to Nigeria, while Abuja
would drop its case against the deceased
dictator’s son Abba Abacha.
The $380 million had been placed in several
accounts abroad that were controlled by the
Abacha family, which is considered a criminal
organisation, the Geneva prosecutors’ office said
in a statement.
The money was seized in 2006 in Luxembourg,
under orders from the Swiss authorities.
The Abacha family had also placed some $500
million (530 million euros) in Swiss banks, though
those funds have already been returned to
Nigeria.
Source: thenewsnigeria.com

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