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Nigeria To Pay Over $50m To Swiss Government As Cost Of Recovering $321m Abacha Loot

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Nigeria is reportedly set to pay as much as $50 million to the Swiss government and lawyers in order to recover $321 million Abacha loot.

Acccording to a report by SaharaReporters, the Federal Government of Nigeria will has paid a sum about $50million as the cost of recovery of the country’s funds stolen and stashed abroad by a former military dictator, late General Sani Abacha, his family and associates. The cost of recovery is contained in details of the negotiations for the recovery of assets obtained by Saharareporters which spelt out the deal between the Federal Government with the authorities of Switzerland and other parties, including lawyers involved in the process.
The details, exclusively obtained by SaharaReporters, indicate that Nigeria will pay 3million Swiss Francs to the State of Geneva, Switzerland to cover its expenses. It will also pay $9,703,141.67, equivalent of 4 percent of the gross amount of $242,578, 541.72 recovered in Liechtenstein in December 2013 and June 2015. Equally, the Nigerian government will pay 4 percent of the gross amount of the forfeited Luxemburg assets, a figure to be determined in due course by Messrs. Enrico Monfrini and Christian Luscher and in their favour as their professional fees and expenses.
In addition, the Federal Government will pay the Swiss Francs equivalent of $6,792,199.17 of the gross amount recovered from Liechtenstein in 2013 and 2014 as well as 2.8 percent equivalent of the forfeited Luxemburg assets to Mr. Monfrini. The exact figure, the documents stated, will be provided in due course by Messrs. Monfrini and Luscher as settlement of the fees and expenses of lawyers to the Abacha family.
Also to be paid to Mr. Monfrini is the Euro equivalent of the sum of $5million as retainer fee for the legal action to be filed against MM Warbug and Co SA and other potential defendants. The sum of $750,000 will equally to be paid to an advisory firm, HBK Investments Advisory SA in settlement of their professional fees in relation to the management of the Luxemburg assets. The negotiation details equally stated that the balance of the forfeited Luxemburg assets be converted to dollars and paid into a special recovery account of the Federal Government with the Bank for International Settlements, Basle, Switzerland.
Before the payment is made, the documents stated, Mr. Monfrini should, at least a week in advance, be notified of the exact dollar amount and value of the transfer via a letter confirming that the funds were forfeited in the context of the Abacha proceedings and are being transferred an allocation to Nigeria.
In addition, the forfeited shares of companies holding the Luxemburg assets should be remitted to Mr. Monfrini.
The details were contained in a letter by Mr. Mohammed Bello Adoke, the immediate past Attorney-General of the Federation and Minister of Justice, to Mr. Oliver Journot, Attorney-General of Geneva. Dated 14 July 2014, the letter confirmed to the Swiss authority that Nigeria on the one hand and Mohammed Sani Abacha, Abba Abacha and their affiliates, on the other, had entered into a repatriation agreement. The letter indicated that the Luxembourg fund formed part of the asset, which parties agreed to forfeit and repatriate to the Federal Government.
Also, the Federal Government, via a letter dated 6 January 2016, through the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) appointed Messrs.  Oladipo Okpeseyi (SAN) and Temitope Isaac Adebayo of Tope Adebayo LLP to represent the it in attending meetings, negotiating the settlement and taking other steps necessary under the international mutual legal assistance to recover monies looted by General Abacha, his family and associate. The lawyers were to ensure the repatriation of the approximately $300million hitherto held by the Canton of Geneva in Switzerland.
In a letter addressed to Mr. Michael Lauber, Attorney-General of Switzerland Messrs. Okpeseyi and Adebayo said all the payments directed in the former Attorney-General’s letter were made by the Swiss authority on or about 23 December, 2014, leaving the funds meant for Federal Government unpaid. In the letter, dated 4 February 2016, the lawyers said they understood that the Luxembourg fund, previously held by the Canton of Geneva, had come under the control of  Swiss Federal Authorities in Berne and that same has been transferred to a designated account under Mr. Lauber’s control.
The lawyer’s also stated that Nigeria is willing to provide a comprehensive plan of how the fund will be utilized.
“Having learnt a great deal from the experience of Nigeria’s recent history in recovering looted funds through the assistance and co-operation of foreign countries, we note that you may want to have a statement of use to which the funds will be deployed upon release of same to Nigeria. Consequently, we have advised the Federal Government of Nigeria to immediately come up with a full plan for the utilization of the monies and a proposed supervision mechanism,” said the lawyers.

Source: SaharaReporters

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1 Comment

1 Comment

  1. Dapel

    December 14, 2017 at 2:09 pm

    Nigerian government everyday recovery of money from pass administration but we don what are doing with it…..

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#EndSARS: People take time out to curse me in their prayers– Aisha Yesufu Reveals

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#EndSARS: People take time out to curse me in their prayers– Aisha Yesufu Reveals

Nigerian activist, Aisha Yesufu, has revealed that Muslims now take out time to curse her in their prayers.

Information Nigeria recalls that Yesufu lead #EndSARS campaign against police brutality and reforms.

 

The female activist disclosed this on her Twitter handle.

She wrote;

”Heard I am being cursed in mosques! People finish praying and take time out to curse me in their prayers I have asked they should please let me know how many of these curses they rained on me when I was making same demands during GEJ! We are all already cursed in Nigeria”

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Hoodlums loot Ndoma-Egba house in Calabar, cart away his late father’s robes

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Hoodlums who destroyed and looted the residence of former leader of the Nigerian Senate, Victor Ndoma-Egba in Calabar reportedly carted away the Judge’s robes of the politicians’ father.

Reacting to the incidence, Ndoma-Egba appeared to the hoodlums to return the robes of his late father who was a judge.

 

Ben Ayade, governor of the state, had imposed a 24-hour curfew as part of measures to contain the situation but the mob broke loose.

In a statement, Ndoma-Egba narrated how he got intelligence on the attack but despite informing security agencies, “nothing was done to stop the attack”.

“At about 2 am (local time, as I was abroad) on Saturday 24th. October 2020 I received a text informing me that there were plans by arranged hoodlums to attack my residence in Calabar, that of Senator Gershom Bassey and a hotel owned by Senator John Owan Enor,” he said.

“I promptly forwarded the texts to Senators Bassey and Owan Enoh. I also called the security agencies in Calabar to apprise them of the information. Calabar from my information was already tense from the previous day’s break-in into warehouses storing COVID 19 palliatives and the subsequent breaching of shops and other businesses. The impending attack on Senators Bassey, Owan Enoh and I was already public knowledge as later that morning I got many calls to that effect.

“Thereafter I kept calling the security agencies by the hour when in spite of their assurances that they will secure my house there was no evidence of any security personnel in my vicinity. I understand, the times were indeed confounding for everybody.

“At about 2 pm the intruders broke into my house and looted it to the ground leaving only the bare floor. All the toilets, baths, pumps and indeed every imaginable fitting were removed as were items of furniture, clothing, a huge collection of mainly rare, out of print books, documents and historic photographs. They also removed all the windows, railings, family pictures and burglary proofs. Even my private chapel was not spared.

“They set the cars ablaze and parts of the building after more than four hours of interrupted operations in my house. It was methodical. Among the intruders were obviously electricians, plumbers, carpenters, motor mechanics, panel beaters and other tradesmen. Mercifully, no life was lost. I started building the house in 1991 and moved in in January, 2009.

“While not prejudging, and without prejudice to the work of the security agencies, I have forgiven the intruders, and pray fervently for them to find meaning, inner peace, and fulfilment in their lives. I only plead that they return my late father’s judges robes which they certainly would not be needed for anything and is surely incriminating.

“The destruction of my house was clearly premeditated, wanton and unjustifiable but I understand the anger in the land especially amongst our youths. However, if looting and burning my home will better their lives and bring positive change to our land, then it is a sacrifice my family and I gladly make.”

Ndoma-Egba said there is an urgent need to educate, motivate and engage the youth if they must be a blessing to the country.

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Fan asks Kaisha to meet Erica for lessons on how to become a bad girl

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Fan asks Kaisha to meet Erica for lessons on how to become a bad girl

Nigerian entrepreneur Kaisha Umaru who shot to fame after she appeared on Big Brother Nigeria 2020 has replied a fan who advised her to meet Erica for lessons on how to become a bad girl.

Kaisha Umaru, the 25-year-old entrepreneur from Sokoto State had taken to Twitter to ask her fans how she can become a bad girl. The ex housemate stated that she needs lessons, and her fans suggested different ways for her.

However, a particular fan advised her to meet her fellow reality TV star, Erica Nlewedim who was disqualified from the last season of the Big Brother reality show.

“Ask Erica she’ll give you lessons on how to be a good and bad girl”, Kheeks wrote.

Check out Kaisha’s reaction below;

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