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Switzerland to Return N66.4bn Abacha Loot By Moses Jolayemi with agency reports President Olusegun Oba-sanjo's efforts at recovering the large sums of money allegedly stolen by former military leader, the late Gen. Sani Abacha yesterday recorded another significant success as the Swiss government agreed to repatriate $500 million (about N66.4 billion) to Nigeria. The Swiss Justice Ministry yesterday declared that the money, which has been frozen since 1999 on the request of the Federal Government , was of criminal origin. Abacha is believed to have stolen more than �3 billion during his five- year autocratic rule as head of state. He died in 1998. Switzerland has already handed back $200m out of the $700m Abacha held in that country. Reports yesterday said the Abacha family has 30 days to contest the decision to return the money. The Justice Ministry in Bern said that not all of the remaining Abacha funds would be transferred to Nigeria. The funds were frozen in 1999 at the request of the government in Abuja. Assets linked to Abacha and his family have also been found in Britain, the Channel Islands, Liechtenstein and Luxem-bourg. Obasanjo had earlier pledged that the funds returned would be used for health, education, roads and other projects "to help rural and poor people". The Swiss mission in Nigeria will "monitor the use of the Abacha funds in accordance with this assurance", the statement issued in Bern said. Nigeria has also asked Liechtenstein for help in recovering the money believed to have been siphoned by Abacha and his associates and hidden in that country. Several bank accounts opened in Liechtenstein by Abacha and his cronies are suspected to contain �100m in stolen funds. Liechtenstein's legal services department said authorities had embarked on the inquiry. A report by the Organisation for Economic Development and Co-operation had described Liechtenstein as "unco-operative" in the global fight against money-laundering and tax-evasion. This led to that country embarking on a new legislation and reforms which, it said, will stop its banks being used as hideaways for fraudulent funds. Nigeria's campaign to recover the stolen funds is taking place on a global scale. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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