Swiss returns $700m Abacha loot to Nigeria

[Richard Akindele]

Lagos - A $700m looted by former Nigerian dictator Sani Abacha and stashed in Switzerland banks had been returned to Nigeria's authorities, said ambassador Pierre Helg on Wednesday.

Helg said: "Today, the whole of this money is back", adding that after "ups and downs" caused by the affair "bilateral relations are again at their best" between Switzerland and Nigeria.

Heig said $7m was still outstanding in an account belonging to a Nigerian citizen, which had been frozen, but the criminal origin of the cash had not been established with certainty.

Abacha was suspected of having embezzled some $2.2bn in total during his rule from November 1993 until his death in June 1998 paved the way for a return to civilian government.

The $700m in Swiss bank accounts had been frozen since 1999, but it was not until 2005 that Nigeria and Switzerland signed an accord for their return.

Nigeria pledged to make good use of the funds for development projects under World Bank supervision, but delays in returning the money last year angered Abuja, which threatened to take legal action against Bern.

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