'We've returned $723m in 10 years,' Swiss govt reveals

dimeji akinloye

March 15, 2016 11:46 PM

the funds returned excludes the $321million (about N63.24 billion) which the Swiss authorities are expected to send back to Nigeria in the coming days.

The government of Switzerland has reportedly returned $723 million (about N142.43 billion) of the looted Nigerias funds by former dictator,

The Swiss government disclosed this in a memorandum of understanding titled “Letter of Intent on the restitution of illegally-acquired assets forfeited in Switzerland,” which the European country signed with the Nigerian government on Tuesday, March 8, 2016, Premium Times reports.

According to the report, the funds returned excludes the $321million (about N63.24 billion) which the Swiss authorities are expected to send back to Nigeria in the coming days.

The agreement was signed by Attorney-General and Minister of Justice, Abubakar Malami, and the Swiss Head of Foreign Affairs Department, Didier Burkhalter.

In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler's son, Abba Abacha.

READ: Switzerland gives condition for returning $321m Abacha loot

He was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody. In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

dimeji akinloye