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Switzerland to return $321 million in assets seized from the Abacha family to Nigeria

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Switzerland will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said.

Transparency International, a corruption watchdog, has accused Abacha of stealing up to $5 billion of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.

In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.

The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.

In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

Now Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank, the Swiss government said.

“The project will strengthen social security for the poorest sections of the Nigerian population. The agreement also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption,” it added.

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EFF demands the sacking of South Africa’s finance minister Nene.

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South Africa’s political players are headed for a collision course over the fate of the finance minister, who the Treasury on Tuesday said is traveling to Indonesia for an International Monetary Fund (IMF) meeting.



Pressure has been piling on finance minister Nhlanhla Nene to resign, following his disclosure to the state-capture inquiry commission, that he had met the Gupta brothers between 2010 and 2013.

The Business Day on Monday reported that Nene had asked president Cyril Ramaphosa to relieve him of his duties as finance minister.

Ramaphosa’s office responded and said they were not aware of Nene’s request.

And on Tuesday, Treasury spokesman Jabulani Sikhakhane said the finance minister was expected to arrive in Indonesia on Wednesday.

Nene is also expected to read the mid-term budget later this month.

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The news that Nene is continuing with his duties is likely to anger opposition supporters including the Economic Freedom Fighters (EFF), whose leader, Julius Malema on Monday asked Ramaphosa to sack Nene.

In a written letter to Ramaphosa, Malema argued that the country, whose economy is in recession, had very serious challenges that needed a credible finance minister to address them.

‘‘Public servants at all spheres and levels of government will have no obligation to responsibly manage state fiscal resources under a compromised minister of finance,’‘ Malema said.

He then added that that Nene can no longer inspire much needed confidence to revive the economy.

‘‘The Medium-Term Budget Policy Statement (MTBPS)‚ which is supposed to be a statement to build confidence amongst all important economic role players‚ cannot‚ and should not‚ be delivered by a minister who was part of the Gupta criminal syndicate.”

For the EFF, Nene’s position as finance minister is no longer tenable and they are determined to win what they are now calling a battle.

Malema had threatened on Sunday that streets protests might be organised to demand for the removal of Nene as finance minister.

The Gupta brothers are accused of using their friendship with former president Jacob Zuma to influence government decisions including unfairly winning state contrcats.

Both Zuma and the Guptas have denied any wrongdoing.

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South Africa: Ex-minister reveals Zuma’s Gupta deals.

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South Africa’s Finance Minister Nhlanhla Nene said on Wednesday he was fired by former president Jacob Zuma for refusing to approve contracts that would financially benefit the Gupta family, friends of Zuma accused of corruption.



Nene, who was giving testimony at a judicial inquiry into influence-peddling, said the main reason he was he was sacked was for rejecting a proposed plan to build a fleet of nuclear power plants. The project could have cost up to $100 billion.

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Zuma and the Gupta family deny allegations they colluded to inappropriately divert state funds.

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