Abacha Loot: FG Awaits Swiss Court's Decision
From Kola Ologbondiyan in Geneva
Nigeria's Permanent Representative to the United Nation's Office in Geneva, Ambassador Joseph Ubaka Ayalogu, yesterday said the Federal Government is awaiting the final decision of Switzerland's Supreme Court before it can recover $500m Abacha loot.
The Swiss Federal Court of Justice had on August 18 ruled that the $500m traced to the late Head of State, General Sani Abacha's account was from "illegal origin" and has to be returned to the original source.
The ruling, however, gave a caveat of 30 days to the interested party, the Abacha family, to appeal the judgment before the Swiss government would repatriate the fund. The 30 days expired September 18.
"There are indications", according to Ayalogu, "that the Abachas have appealed against the ruling. It is now left for the Supreme Court of Switzerland to process the appeal and give a final ruling on the looted fund. But we are hopeful."
He explained that the Swiss government has given instruction that another $7m should be put in a special bank awaiting a court ruling.
Ayagolu noted that "formally such decisions were supposed to be based on the outcome of court decisions in Nigeria but based on mutual assistance agreement, it would no longer be necessary (to wait on Nigeria's court decision) because once the court decides here it would become an issue that is done."
"The Swiss Court's decision is landmark and Nigeria is counting on the Swiss justice system which has so far been favourable to this point and the Swiss authority also said they were encouraged in the decision to track the Abacha fund as a result of the satisfactory process of democratisation in the country as well as the pledge that the fund would be used wisely", he added.
However, the Ambassador explained further that the Swiss government's decision in ensuring that Nigeria gets the "illegal fund" back is an indication of the pressure the country has passed through as a nation that "allows ill-gotten funds to be deposited in their country's banks, using this argument of secrecy."
"We believe there is a change of attitude now and as such they are now prepared to clean up their image and also want to send a message to other countries where ill-gotten wealths are pillaged that Switzerland is no longer a safe haven for those funds," he said.
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