We returned $500m Abacha loot – Swiss Envoy

Switzerland has said it has so far returned $500m (N80bn) to Nigeria out of the suspected billions of dollars looted by the late Gen Sani Abacha’s administration and kept offshore.

The outgoing Swiss Ambassador to Nigeria, Mr. Andreas Baum, said this while speaking with the News Agency of Nigeria in Abuja on Sunday.

He said, “We have returned around $500m (about N80bn) of the Abacha loot to Nigeria. That was done during the time of my predecessor. But there is still one ongoing case involving the son of Abacha.’’

He said his country had put some measures in place to safeguard its financial system from the transfer of stolen wealth.

He said that Switzerland’s financial system had improved since the controversy surrounding the loot of the late Nigerian ruler.

He said, “It is an area we have put a lot of work in. We realised that there was a problem; the measures we have taken will prevent the transfer of stolen wealth to our country.

“The Nigerian case is very important to us because the Abacha case helped us to improve our laws. We have put in place measures to ensure that the Swiss financial system is not abused with the transfer of such assets.”