Following a deal between the Abacha family and the Federal Government, approximately $380 million stashed in bank accounts in Switzerland will be returned back to the federation’s account. The agreement was made sometimes in July 2014 to have the family return the ill-gotten wealth stashed there in exchange of dropping charges against General Sani Abacha’s son, Abba Abacha. Under the agreement, the money will be repatriated back to the national treasury and all charges against Abba will be dropped.
The money was seized in 2006 in Luxembourg, under orders from the Swiss authorities. The Abacha family had also placed some $700 million in Swiss banks, though those funds had already been returned to Nigeria. The $380 million will be returned under the World Bank’s supervision, said the prosecutor’s office.
