We have since returned the $500m Abacha loot – Swiss envoy

by Isi Esene

The outgoing Swiss ambassador to Nigeria yesterday revealed that its government has returned $500m loot stolen by late military dictator, General Sani Abacha and stashed in banks in the European country.

Ambassador Andreas Baum, whose tenure ends this month after four years of service in Nigeria, however, said that the money allegedly stolen by Abacha’s son is still in Switzerland waiting for discussions on its return to be finalised.

According to Nigerian Tribune, he explained that the Abacha loot has helped Switzerland in strengthening its financial laws which will further safeguard its financial system from tainted funds like that of the Abachas.

Ambassador Baum said:

“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.

“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 transfer of stolen wealth to our country.

“We have returned around$500m 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.”

Ambassador Baum said there needs to be an improvement in the bilateral trade between Nigeria and Switzerland which he put at $500m.

He attributed the low bilateral trade volume to “informal and unaccounted trade”.

“Some Swiss products come into Nigeria through the Netherlands; so it is sometimes difficult to have an accurate account of trade volume,” he added.

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