Swiss Decides to Return $458 Million of Looted Funds to Nigeria

On February 16, 2005, the Swiss government announced it would return about $458 million to Nigeria that was deposited in Swiss bank accounts by General Sani Abacha, the former dictator, denying an appeal by his family to block the transfer. According to the Swiss Justice Department, it will keep about $40 million frozen in Swiss accounts because the Swiss government has not determined whether such amount was criminally obtained. The Swiss government has transferred about $7 million believed to be proceeds of crime to a holding account in Nigeria pending further investigations...[more]