World Bank to return Abacha loot soon

World Bank to return Abacha loot soon

- The World Bank promised to return $321m Abacha loot when it can ascertain what Nigeria will do to the money

- Previous repatriations have reportedly been squandered especially during the Jonathan administration

- Nigeria has already submitted lists of projects it planned to carry out

It seems corruption which has bedevilled Nigeria is haunting it again as the repatriation of the $321m Abacha loot is being delayed until the World Bank can ascertain the projects Nigeria will carry out with the money.

During the administration of former president, Goodluck Jonathan £22.5 million Abacha loot was reportedly repatriated to Nigeria but the government could not explain what the money was used for.

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The Punch reports that Switzerland explained that a bilateral agreement has to be reached on the projects Nigeria will carry out with the $321m before it will be returned. This was apparently done so a s to monitor the fund as a result of previous repatriation that ended up missing.

Daniel Cavegn who is the deputy head of mission at the Swiss embassy in Nigeria said the country was ready for the transfer of the fund once all the necessary World Bank protocol and agreements had been taken care of.

He said: “Once the monitoring of the World Bank for the projects chosen by the Federal Government is finalised, we will proceed to a bilateral agreement for the restitution, which is the legal basis for the transfer of the money.

“The Swiss forfeiture order provides for a return of $321m to Nigeria and foresees a monitoring of the use of the funds by the World Bank.

“From the Swiss side, we are committed to begin the restitution of the money to Nigeria as soon as possible; we will proceed to a bilateral agreement for the restitution, which is the legal basis for the transfer of the money.

“It is difficult to currently give a time frame for the start of the restitution as the finalisation of the proceedings will still need time.”

Cavegn said the attorney-general of the federation and minister of justice of Nigeria and the Swiss Foreign Minister signed a letter of intent regarding the restitution of the fund on March 8, 2016 in Abuja.

He explained this was to ensure transparency and accountability which was in accordance with international best practice.

“This letter of intent confirms that the use of the funds will be monitored by the World Bank as foreseen in the forfeiture order issued by the Public Prosecutor of the Canton of Geneva.”

The Swiss official said Nigeria had submitted series of projects it planned to carry out with the fund.

He said: “We are awaiting more details regarding the proposed projects and, in particular, how the monitoring of the World Bank would be assured.”

The Swiss government said it had repatriated $700 million Abacha loot to Nigeria in several tranches since 2005.

A source has said that the Economic and Financial Crimes Commission will investigate a former minister of finance over missing £22.5 million from the family of late Abacha.

The Nation reports that the money which was recovered from the Island of Jersey could not be traced.

A source who pleaded anonymity said the investigation was borne out of the fact that there was communication between government of the Island of Jersey and a former minister of finance.

“There was certainly a communication between the government of the Island of Jersey and a former minister of finance. The EFCC investigators are probing whether the cash was actually repatriated into the government’s coffers or diverted into a personal account.

“During the administration of ex-president Goodluck Jonathan, the ex-minister was said to have declared that the money had been spent.

“The records of the transactions are not just there at all. This development has created much suspicion on the whereabouts of the Abacha loot.The EFCC might interrogate the ex-minister if it cannot trace the records of the repatriation of the loot."

Source: Legit.ng

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