Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Nigeria Customs generate N9.3b in one-and-half years in...
Students protest illegal detention of Nigerians in Bangladesh
Task force Speaks on Mans Death in Lagos
Just In: Buhari sacks service chiefs, appoints new...
APC faction rejects Abdullahi Samari as chairman,says purported...
Nigeria attracts $2.6bn FDI in 2020 amid global...
Abuja court to Pass a Verdict On Men’s...
Why We Demolish Illegal Structure-FCTA
53 doctors tested positive for covid-19 in Kano...
School Feeding: Kwara begins medical screening for 4500...
More victims of Ilorin rainstorm get govt support,...
Uganda court orders end to Bobi Wine house...
Chelsea set to replace Lampard with Thomas Tuchel...
Silence from leaders over herdsmen worrisome – Saraki
Police deploys Armoured Personnel Carriers, detachment of officers...

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
News

Switzerland: we’ve returned over $1b Abacha loot to Nigeria

written by Esther faroye June 29, 2018
Switzerland: we’ve returned over $1b Abacha loot to Nigeria

Switzerland has repatriated over $1billion Abacha loot to Nigeria, its Ambassador Eric Mayoraz aid yesterday in Abuja.

He added that his country is collaborating with the federal government to trace and repatriate looted funds stashed in foreign lands.

Mayoraz said “All fund hidden in Swiss banks by Abacha was fully repatriated and so we don’t have any of such fund in Switzerland again. $752m was returned in 2005 and we discovered more and more in other banks and that involved the $322.5m that was repatriated earlier this year.”

He spoke at the Forum on Asset Recovery hosted by the Swiss Embassy to discuss issues surrounding the Abacha 2 asset recovery between the two countries with many non-governmental organisations and representatives of international agencies in attendance.

Although the envoy declined to reveal details of the funds that would likely be repatriated back to Nigeria, he explained that the ongoing efforts are geared towards getting a positive result in line with the Mutual Legal Persistence Request agreement signed between the two countries.

Decrying what he termed lack of transparency in the Nigerian government’s handling of the funds, Mayoraz said the Swiss government insisted on the involvement of the World Bank in the management of the $322.5m to ensure that money was spent to alleviate the sufferings of the poor.

“Unfortunately, some of the assets that were returned, there was not so much transparency in it. So, we have to introduce the World Bank to get involved in this so that this particular one can be used by the Nigerian government with the monitoring of the World Bank”, he said.

Special Assistant to the President on Justice Reform, Mrs. Juliet Ibebaku-Nwagwu, said the administration of President Muhammadu Buhari has done a lot to engender the confidence of the Swiss government and other partners that the recovered assets would be deployed judiciously and transparently in line with the agreements reached.

She said the money would be deployed to service the Social Investment Scheme which is also an existing World Bank project.

“Let me just say this, we just want our money back. By this administration’s commitment to open government partnership, we want the people to be involved in the monitoring of the stolen assets that were returned. We also came up with the open budget process so that Nigerians would know every budget details and they can be checked online too.”

Executive Director of African Network for Environment and Economic Justice, Mr. David Ugolor, said there was a need to monitor the deployment of all recovered assets to “ensure that they are properly used for what they are meant for in Nigeria.”

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Esther faroye

previous post
NCC withdraws 36 million redundant lines
next post
Salaries delay likely over FAAC deadlock, says minister

You may also like

Corruption charge: Zuma seeks escape route

February 1, 2018

LAUTECH makes u-turn, reduces hiked school fee

October 27, 2018

Airline intend to re-engage our sacked employees

October 10, 2018

COVID-19: Kwara insists on zero vehicular movt

April 19, 2020

Suarez agrees Atletico Madrid terms ahead of Barca...

September 21, 2020

CBN denies arrest of deputy governor

October 5, 2017

President Buhari asks lawyers to improve sanctity, integrity...

August 27, 2018

Court orders Nigerian army to suspend Operation Positive...

November 5, 2019

Low voters turnout greets Governorship and State Assembly...

March 9, 2019

Lagos Government Sets Up Five-Man Panel To Investigate...

March 21, 2019

Leave a Comment Cancel Reply

Facebook
  • British singer Adele reaches divorce settlement with estranged husband

    January 22, 2021
  • Orisabunmi’s death, end of an era: Kwara Governor

    January 6, 2021
  • ‘Chadwick Boseman role will not be recast in Black Panther 2’

    December 11, 2020
  • Burna Boy And Wizkid To Perform At The Livespot X-Clusive Concert

    December 10, 2020
  • Davido loses personal bodyguard of over 11 years

    December 9, 2020
  • Abuja court to Pass a Verdict On Men’s b’ball league fate today

    January 26, 2021
  • Chelsea set to replace Lampard with Thomas Tuchel —Report

    January 25, 2021
  • NPFL ranks 77th best league in the world

    January 22, 2021
  • We did not cancel Tokyo Olympics – Japan

    January 22, 2021
  • Kwara United Shocks Plateau United Away As NPFL Returns

    December 28, 2020
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.