Switzerland To Return $380m (£260m) Sani Abacha Loot

The transfer, to be conducted under the supervision of the World Bank, will end a 16-year case against the Abacha family.

Switzerland has already returned $700m, following appeals from Nigeria.

Abacha ruled the oil-rich West African state with an iron-fist from 1993 until his death in 1998.

Soon thereafter, Nigeria's new rulers asked Switzerland to help it recover $2.2bn that he had reportedly stashed in European bank accounts.

'Transparency'

The $380m was seized in 2006 in Luxembourg, following a request from Swiss authorities, the Geneva prosecutor's office said in a statement.

The BBC's Will Ross reports from the main city, Lagos, that massive corruption still plagues Nigeria.

Billions of dollars are alleged to have gone missing from the state oil firm in recent years, he says.

The World Bank has been asked to oversee the return of the latest money, presumably to add a degree of transparency, our correspondent adds.

Democratic rule was restored in Nigeria a year after Abacha's death.

Many Nigerians saw him as one of the country's most repressive rulers

 

Culled from BBC

 

My Take;

Nigerians are tired of Abacha loot return talk by now

Far more loots have taken place and annoyingly, there is hardly any record yet.

The masses will not benefit anything if the said loot is returned, worse still, it will also be re-looted, so we are sick of loot returns, please. 
The story was bad business then and is still bad business now. How much will Swiss Government pay as interest? Was the money lying there without being used to trade?