Nigeria — The government of Nigeria will be receiving another $300 million from Switzerland, money recovered from the family of former military ruler, Sani Abacha, foreign minister, Geoffrey Onyeama announced today.
Nigeria’s anti-corruption agency estimates about $400bn has been siphoned off from the oil-rich country into private pockets since 1960. Globally, developing countries lose up to $40bn a year through corruption, according to the World Bank.
The minister made the disclosure to journalists in Abuja, added that the reparation of the money is being achieved even as talks are in progress with other countries such as the United Kingdom and the United States of America to get Nigeria’s looted funds repatriated.
The $300 million to be transferred by the Swiss is part of an estimated $5 billion stolen and stashed in foreign accounts by the late military ruler.
Nigeria has in the last 10 years received over $1 billion from the Swiss and American governments, but there are growing concerns past administrations misused the huge sum.
The money is believed to be part of at least $2.1 billion slush fund later distributed by Mr. Dasuki to politicians ahead of the polls. An ongoing investigation into the scandal has led to the indictment of several high profile figures.