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Abacha loot: Switzerland returns $322.5m Abacha with $1.5m interest

Switzerland have reported the release of $322.5m with $1.5m interest to the Nigerian Government.

The Federal government announced reciept of $322.5m from the Switzerland government as part of the looted funds recovered from the late former head of state.

The Assistant Director General and head, Global Cooperation Department for Development and Cooperation, Ambassador Pio Wennubst told the News Agency of Nigeria (NAN) in New York.

According to Wennubst, Switzerland returned about $322.5m which amounts to (N116.11 billion) to the Federal Government of Nigeria.

The Finance Minister, Kemi Adeosu has confirmed the reciept through her Special Advicer, Media and Communication, Oluyinka Akintunde.

"We state that $322.5,515,931.83
(N116,105,735,458. 80) was recieved into a Special Account in the Central Bank of Nigeria (CBN) on December 18 2017 from the Switzerland Government " Akintude said.

"We have unconditionally returned 321 million dollars including the interest. We returned all the amount 322.5 million dollars including the interest for the time that the funds were blocked"

"We are not talking about the Condition, there was a programe the Social Safety Net that was developed by the Government of Nigeria and the Bank"

"After discussing, the only Condition set by the Judiciary, not by us, was that the return of this asset should have been monitored by World Bank and this is where we worked on" wennubst said.

He also said that these funds were part of the Nigerian Government Contributions to the Social Safety Net Programe, plus Concessional Loans from the Bank.

Recall that the Abacha loot was frozen in 2014 by a Switzerland Court after a legal procedure against his son, Abba Abacha originally deposited in Luxembourg.

By: Ebere Onwuegbuchulam

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