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World Bank is delaying return of Abacha loot, Switzerland claims

14 August 2016, 15:53

Abuja - The repatriation of $321 million in funds looted by General Sani Abacha has been delayed by the World Bank, officials in Switzerland have revealed.

According to a Punch report, the Swiss Government has explained that they will ready to transfer the money to the Government of Nigeria once all measures have been finalized and put in place by operatives within the World Bank.

Also read: FG reveals new details about looted funds

"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," a statement released by the Deputy Head of Mission, Swiss Embassy to Nigeria, Daniel Cavegn, stated.

Cavegn further revealed that the Federal Government of Nigeria had submitted a series of possible projects that the funds could be utilized towards, adding that Switzerland is currently waiting on the details of said projects to emerge, Naij reports.

In addition, the envoy disclosed that the mode of payment had not been worked out yet, noting that it has not been decided whether the money would be paid back in a lump sum or in installments.

Read more at Punch

- News24


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