The Swiss government has confirmed that it has so far returned $723 million (about N142.43 billion) of stolen funds ceased from the family of the late former head of state, Sani Abacha, to the Nigerian government over the last 10 years.
The amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently it was planning to repatriate to Nigeria.
These details are contained in the agreement signed on March 8, 2016 in Abuja by representatives of the Swiss Federal Council and the Nigerian government.
The agreement, titled “Letter of Intent on the restitution of illegally-acquired assets forfeited in Switzerland,” was signed by Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, and the Swiss Head of Foreign Affairs Department, Didier Burkhalter.
The document, obtained by PREMIUM TIMES, reveals that $321 million acquired illicitly by the Abacha family, was initially deposited in Luxemburg before being confiscated by the Swiss Republic Judiciary and Canton of Geneva following a December 11, 2014 forfeiture order.
The agreement says funds to be returned to Nigeria would contribute to the implementation of social programmes for the benefit of the Nigerian people in “an efficient and accountable way, guaranteed by a monitoring by World Bank”.
Acknowledging the cooperation of Switzerland and Nigeria as an excellent opportunity to fight against corruption at domestic and international levels, the signatories to the agreement recalled the long partnership by their two countries in asset recovery based the principles of national interest, trust and mutual respect.
Considering Chapter V of the UN Convention against corruption, which is the international legal framework for asset recovery, the signatories also drew attention to Article 51 of the document that states afford each other measures of cooperation and assistance.
The agreement also emphasized the need for the process of repatriation of the stolen funds to be undertaken based on international best practices of transparency and accountability in a manner that satisfy the scrutiny of civil society and the international community.
The signatories affirmed, among others, their intention to maintain a fruitful cooperation based on trust and respect in order to enable transparent and efficient use of the funds for the benefits of the Nigerian people.
They also agreed to ensure that the deployment of the funds was monitored by the World Bank in line with separate forfeiture orders issued by the Swiss Public Prosecutor and the Canton of Geneva on December 11, 2014.
The two countries pledged to maintain regular exchanges and constructive engagements towards the conclusion of the processes necessary for the final return of the looted funds to Nigeria, adding that the letter of intent, which does not impose any legally binding obligation, would continue to provide the basis for their cooperation.
“The implementation of the present letter of Intent between the Signatories (Swiss and Nigerian governments) is guided by the principle of ethics, mutual respect and cooperation,” the agreement stated

http://www.premiumtimesng.com/business/business-news/200192-abacha-loot-switzerland-returns-723-million-nigeria-10-years.html

Yet Buhari work hand in hand with Abacha.

But today he is seen as a SAINT fighting corruption while the Abacha government which he served RAPED the country so mercilessly.

It is not enough to part of such a massive FRAUDULENT government and still have the guts to pointing accusing fingers at others.

A country suffering from intellectual malnutrition. We dont call a spade a spade.

HYPOCRITES.

Buhari infact defended Abacha by saying he never stole.

ITS ALL LUST FOR POWER AND GOD HAS GIVEN IT TO HIM NOT FOR FREE. ACCOUNTABILITY MUST BE MADE TO GOD IN THE END.

Let us try to always enjoin what is right at all times and forbid evil.

Ok.
Why just last 10years?
Did the recovery not begin 12-14years ago?

Abacha was no looter it is convenient for real looters to scapegoat Abacha, who in reality has no connection to the funds termed "Abacha loot".

Perspective: $700m is less than $1bn

Yet we just heard in a single year NNPC alone misappropriated $16bn.

Sanusi as CBN Gov. disclosed that within a few months than $20bn was missing.

We have also heard that just last year $2bn meant for arms was stolen.

We also all witnessed how Thief Obasanjo made $16bn meant for light, disappear before our very eyes.

Yet we are being scammed and distracted by unproven refund of less than $1bn tagged as "Abacha loot" from 20years ago.

Make we question everything and shine our eyes well well.

AND Buhari PROCLAIMED TO THE WHOLE WORLD THAT ABACHA WAS A 'LIVING SAINT'.

The returned money had been stolen away again.

What a country!

Before zombies say anything remember bubu declared that abacha never stole

Ohammadike:
Before zombies say anything remember bubu declared that abacha never stole

....in a system of government of people by the people for the people, who has the responsibility of defending the nation, the nation is the victime of looters, the nation is the victim of the criminal, the nation is the victim of terrorist, the nation is the victim of economics saboteur, the nation is the victim of oil pipe line vandal, the nation is the victim of kidnaping, the nation is the victim of fulani herdsmen, the nation is the victim of ipob/massob, the nation is victim of fuel black market the nation is the victim of the forex $ hike price, the nation is the victim of the price specuator & manipulator...etc
Beside president muhammadu Buhari action to defend the nation:
1.The war against bokoharam and other insurgency in the eastern part of nigeria is defeatable , with galant soldiers under the order of marksman general, the commandant in chief of african arm forces, General buhari had berated the iss of africa...with galant sodiers and sophisticated weapon the terrorist had been pull down!
2.The war against corruption looting and the looters is the second fronts, the battle is not all that easy the general has the determination but fighting corruption with unredoutable weapon like judiciary arms, is not easy to operate infront of devilish looters with their advocates and distinguish honourable senators and opposition party! but God so good with the determination of general and full backing of the international community, the war is 'bell et bien' in full stage!
3.The third war which will commence soon is on the economics saboteurs, a war that general think ,with broom they will be easyly sweep into dust-bin but even the rake seems not be effective enough to rake them, now general had determined to bulldoze them into the pit!
when the three war won, nigeria will be worth living for the poor masses!
who is to defend the nation while senators and law practitional rally round a criminal accuse!
who is to defend the nation while humman right watch turn to terrorist(bokoharam) right watch!
who is to defend the nation while student union, labour congress, human right activists, legal practitional support or mute and powerless in the face of looter and say nothing about the looted fund!
who is to defend the nation while NL support the looters!