Nigeria has no option but to launch legal action against Swiss institutions for failing to hand over $500 million looted by former military dictator Sani Abacha, Nigeria's top anti-corruption official said. Switzerland agreed last August to return money traced to Abacha, who died in 1998, and the Swiss Supreme Court in February rejected an attempt by Abacha's family to stop the transfer. But the money has yet to be handed over.
"We have tried diplomacy and understanding to get this (money back) but they have been very difficult," Sunday's This Day newspaper quoted Nuhu Ribadu, head of the Economic and Financial Crimes Commission (EFCC), as saying. "So I think we are left with only one option, to take legal action," he said.
Asked whether this should target Swiss authorities or private banks, he said: "Everybody who is connected ... We will take civil actions against them.
"We have seen what other countries have done in terms of enforcing their rights with regards to stolen money. They took legal action against some of the banks and it worked."
Nigerian President Olusegun Obasanjo last week accused Switzerland of blackmail for linking the return of the embezzled funds to the repatriation of suspected Nigerian criminals.
The Swiss Justice Ministry said last month the delay was due to the sale of securities and the time required to set up a system through which the World Bank could monitor how the funds are used.
Sleaze watchdog Transparency International ranks oil-exporting Nigeria the world's third most corrupt country. Ribadu's EFCC spearheads a well-publicised campaign against graft that is part of Nigeria's drive to clean up its image.
Abacha is believed to have stolen at least $3 billion during his five-year rule. Swiss banks originally held $700 million and have already returned $200 million to Nigeria.
The Supreme Court ruled Switzerland should return $458 million to Nigeria - $40 million short of the sum the Swiss justice department had originally ringfenced for the transfer. The court said it could not be sure of the origin of the $40 million.
Comments
Comments are closed.