SWITZERLAND has said it has returned about 500 million dollars (about N80 billion) of the Nigeria’s stolen money stashed away in its country by the late maximum military ruler, General Sani Abacha.

Outgoing Swiss Ambassador to Nigeria, Mr Andreas Baum, stated this in a chat with the News Agency of Nigeria (NAN), on Sunday.

The ambassador, who assumed duty in Nigeria in 2008 and leaves the country this month, said the funds were repatriated to Nigeria during the time of his predecessor.

Baum, however, said state fund looted by one of Abacha’s son was yet to be released to Nigeria as discussion on it was still ongoing.

The ambassador added that the Swiss authorities had institutionalised measures to safeguard its financial system from transfer of stolen wealth from Nigeria.

He disclosed that his country’s financial system had improved since the controversy surrounding Abacha loot became public knowledge.

“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 500 million dollars 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.

The envoy, who described bilateral relations between the two countries as excellent, nonetheless, bemoaned the low volume of trade between the countries, which, he said currently stood at 500 million dollars.

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

According to him, this is because a lot of Swiss products, mainly oil and pharmaceuticals, come into Nigeria through other countries.

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

Comments (3)

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written by BELLO BAIDU JEGA, August 06, 2012

THE ISSUE OF LOOTING AND THE LOOTERS ARE TOO MUCH
WE NEED TO LOOK FOR PREVENTIVE MEASURES
THERE IS ABOUT TO BE THE BIGGEST LOOTS OF ABOUT 1 BILLION USD IF THE MINISTER OF AGRIC WAS NOT PROBE ABOUT THE PURCHASE OF 100 UNITS OF RICE MILLS
THE NATIONAL ASSEMBLY SHALL PROBE THAT
LETS THE MINISTER TELLS THE NIGERIANS THE NAME OF THE FACTORY SELLING A MILLING PLANT OF PARBOILED RICE MILL OF 100TPD AT THE COST OF 12 MILLION USD
THANKS

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Return the money inform of investment on electricity in building Dams.
written by Nosa osa, August 06, 2012

if mr Andreas Baum is relly sincere in the return of Abecha stolen money He should give more details on who and which institute they handel the money to. Please tell the press and the house of assembly to make equiry on the former returned money.if the former returned does not make any effect on the peoples life and the ruling party is PDP,so returning Abacha son stoling money will go into a basket without bottom which is the same as Abacha . What the ruling will do is give the swiss people permission to make a study(authentic study) of where electricity and which river will be profitable for the country economy. We know every father knows children will leave longer so we assume that more money will be coming . This idea will increase the volume of trade between Nigeria and swiss . I know that swiss has industries and is capable of constructing Dams for Nigeria give them a chance since they have change their banking laws. if boko haram were wise enough, they should know who brought them pouverty in the North not christains. Anyway they are not wise enough ,they are fools I assured them.
Nosa

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