Switzerland To Pay Back $300 Million To Nigeria

Nigeria’s former military leader Sani Abach

Switzerland is negotiating with Nigeria for the repatriation of $300m recovered from the family of former military leader Sani Abacha. Nigeria’s Foreign Minister Geoffrey Onyeama says about $700 million that Abacha hid in Swiss accounts has already been repatriated from the country.

Nigeria’s Foreign Minister Geoffrey Onyeama has said the country is negotiating with the government of Switzerland for the transfer of $300 million in recovered funds from the family of former military leader Sani Abacha.

Onyeama said $700 million that Abacha hid in Swiss accounts has already been repatriated from the country, Reuters reports.

“They have also now recovered, in the same context, another $300 million of which there is ongoing discussion to have that repatriated as well,” Onyeama said.

Abacha, who ruled Nigeria between 1993 and 1998, is believed to have looted about $5 billion while in office.

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President Muhammadu Buhari has vowed to fight corruption

The news of the return of the funds has elicited mixed emotions from social media, with many expressing satisfaction at the development. The extent of the looting and corruption, continues to appall many across the continent.

Corruption has been Nigeria’s enduring problem and President Muhammadu Buhari has vowed to fight corruption. In a move seen as a positive gesture to encourage transparency and probity, Buhari declared his personal assets soon after taking office.

The former general declared a fortune of $150,000 and revealed that he has shares in Berger Paints, Union Bank and Skye Bank, although the value of the shares was not revealed.

Corruption is a blight stalling progress and development and Buhari has committed to ending corruption from Africa’s biggest economy. Last year, Buhari said $150 billion was looted from Nigerian state coffers over the past decade.

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