Switzerland, Nigeria and the World Bank have reached agreement on the monitoring of the use of money stolen by Nigerias late dictator Sani Abacha and stashed in Swiss banks, the Swiss justice and police ministry said Friday, according to the World Bank press review.
This should make it possible for the World Bank to ensure that the 460 million US dollar (2,7 milliarder DKR) handed back to Nigeria will be spent on health, education and infrastructure development projects as Nigeria has promised.
In May, the Swiss government said it would pay back the money in two stages, with a first slice of 290 million dollar being handed over “immediately” after a supervision deal with the World Bank. The balance should be paid “by the autumn,” the ministry said.
In early June the Nigerian government said it would take legal action against Switzerland, protesting against the slow pace of the operation. In August 2004 the Swiss government said it would hand back the last of the Nigerian funds frozen in Swiss accounts, a decision confirmed by the courts.
Abacha, who died in 1998, is believed to have looted about 2,2 billion US dollar (13,2 mia. DKR) from his west African countrys central bank during his years in office from November 1993 to June 1998.
Kilde: www.worldbank.org
