■World Bank to monitor use of repatriated assets Liechtenstein said yesterday it would return 167 million euros ($227 million) to Nigeria, ending a drawn-out battle by the Federal Government to recover cash looted by former military dictator, late General Sani Abacha. Abacha, who died in 1998, is suspected of having looted the Central Bank of Nigeria (CBN) to the tune of about $2.2 billion when he ruled from November 1993 to June 1998. Nigeria first requested help from Liechtenstein in 2000 to recover the cash stashed there. The tiny principality of some 37,000 people returned 7.5 million euros to Nigeria in late 2013, but the restitution of the bulk of the cash has long been blocked by lawsuits brought by companies linked to Abacha’s family. Several of the companies were sentenced in 2008 to repay money proven to have been taken from Nigeria’s national budget, but four of the firms filed a complaint with the European Court of Human Rights in Strasbourg. Following negotiations between the governments of Liechtenstein and Nigeria, the four ended up withdraw ing their complaints in May, “clearing the path for repatriation of the assets once and for all,” Vaduz said in a statement yesterday. The World Bank had agreed “to monitor the use of the repatriated assets,” the statement said.
Posted on: Thu, 19 Jun 2014 07:05:06 +0000
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