Swiss Banks Agree to Return $ 1 Billion to Nigeria in Settlement of Abacha Corruption

On April 17, 2002, the media reported a settlement between the family of the late dictator Sani Abacha and the Swiss Government, whereby the Swiss Government agreed to return $ 1 billion to Nigerian Government in exchange for the Nigerian Government dismissing some criminal charges against Muhammad Sani Abacha, the son of former dictator, and Bagudu Abubakar, Mahmmad’s association. The Nigerian Government had sought as much as $4 billion from Abacha accounts in various European banks. In 1998, the Swiss Government enacted legislation to address stolen and embezzled funds. In 1999, the Swiss Government froze funds and opened a money-laundering inquiry in Genva. As part of the investigation Geneva’s prosecutor Bernard bertossa will continue the freeze on an additional $90 million linked to Mr. Abacha’s brother, Abdulkadir Abacha. Legal proceeding will continue against a number of individuals, including Abdulkadir Avacha, the former leader’s brother. Approximately $90 million of disputed money remains frozen in Switzerland. Investigations will continue in Jersey into the conduct in Jersey into the conduct of banks that transferred money from Nigeria.