REVEALED! Why Nigeria Is Yet To Receive $321m Abacha Loot

The Government of Switzerland has
revealed that World Bank are
behind the delay in the return of
$321m looted by late Gen. Sani
Abacha.
The Swiss Governemt said that the
World Bank has to finalise the
projects to be executed with the
money by the Federal Government.
The Swiss government explained
that a bilateral agreement for the
restitution of the money would then
be signed afterwards, which would
form the basis for the transfer of
the money.
According to a popular daily, the
Deputy Head of Mission, Swiss
embassy in Nigeria, Daniel Cavegn
disclosed this in an email to
inquiries about the time frame for
the repatriation of the money.
He said, “Once the monitoring of
the World Bank for the projects
chosen by the Federal Government
is finalised, we will proceed to a
bilateral agreement for the
restitution, which is the legal basis
for the transfer of the money. The
Swiss forfeiture order provides for
a return of $321m to Nigeria and
foresees a monitoring of the use of
the funds by the World Bank.
“From the Swiss side, we are
committed to begin the restitution
of the money to Nigeria as soon as
possible; we will proceed to a
bilateral agreement for the
restitution, which is the legal basis
for the transfer of the money. It is
difficult to currently give a time
frame for the start of the
restitution as the finalisation of the
proceedings will still need time.”
“This letter of intent confirms that
the use of the funds will be
monitored by the World Bank as
foreseen in the forfeiture order
issued by the Public Prosecutor of
the Canton of Geneva”.
Cavegn noted that the FG had
submitted a series of possible
projects for which the money
repatriated could be used, adding
that his country was waiting for
details of the proposed projects.
“We are awaiting more details
regarding the proposed projects
and, in particular, how the
monitoring of the World Bank
would be assured,” he said.