The Federal Government has denied reports that it will pay a commission of $79 million to Switzerland to secure the return of $321 million looted and stashed there by late dictator,

The denial was made by Minister of Finance, Kemi Adeosun via a statement released by her media aide, Festus Akanbi.

The statement reads:

“The attention of the Minister of Finance, Mrs Kemi Adeosun, has been drawn to a misleading report, which erroneously claimed that the Federal Government has agreed to pay a $79 million commission to the Swiss government, as part of conditions for repatriation of the Abacha loot.”

“The Minister of Finance clarified that the amount payable to Nigeria from Switzerland is $321 million, and is being returned to Nigeria for projects which are subject to verification by the World Bank.

“The recovery process is ongoing with the Swiss authorities and the World Bank has agreed to undertake the required verification. She stated that there is no deduction of $79 million as suggested in the report which is both ‘misleading and inaccurate’. She assured that recovery will be made in full and that there is no commitment nor requirement to pay any commission.”

Meanwhile, the US has also agreed to return $450 million which was looted by Abacha to the Nigerian government.