Media and Politics News

Abacha Loot: Switzerland To Transfer Another $300m to Nigeria

By Gilbert Alasa.
Minister of Foreign Affairs, Geoffrey Onyeama, said on Monday that the government of Switzerland is set to transfer another tranche of $300 million recovered from the family of former military ruler, Sani Abacha.
The money is part of an estimated $5 billion stolen and stashed in foreign accounts by the late dictator.
Nigeria has, in the last 10 years, received over $1 billion from the Swiss and American governments, but there are strong indications that past administrations misused the huge sum.
READ ALSO How Nigeria Squandered N20tr 2014 Revenue
Reports filtered in recently how former finance minister, Ngozi Okonjo-Iweala, with the approval of former President Goodluck Jonathan, authorised the diversion of an estimated N61.4 billion ($300 million and £5.5 million) from funds recovered from Gen. Abacha, to the Office of the National Security Adviser, Sambo Dasuki, just few weeks before the 2015 presidential election.
The former minister said the money, which was not approved by the National Assembly, was meant for purchase of military equipment for the fight against Boko Haram.

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