$370m alleged Abacha loot traced to Luxembourg, says Swiss ambassador

Hans Rudolf Hodel, the ambassador of Switzerland to Nigeria, has revealed that about $370 million allegedly looted by the late Sani Abacha, former military head of state, has been traced to Luxembourg as part of efforts by the Swiss
government to help Nigeria recover all the monies allegedly siphoned by the former military head of state before his death.

Luxemburg is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France to the south.

Hodel, who spoke when he visited Muhammadu Buhari, the president-elect, to congratulate him on his victory at the presidential poll informed that the Swiss government was ever ready to help any administration that is willing to fight corruption.

“This is a long standing issue. Our laws are there to help all countries which are fighting corruption. We will help this government. If you remember, many years ago we gave back the Abacha money to Nigeria.

“The situation in Switzerland has changed. The policy is no longer the same. In the past, people come to deposit money in Switzerland without too much controversy.

“Now, it is not possible to deposit money in Switzerland because of legal origin. Before, the bank has to prove that the money is illegal. But now, before you deposit money in Swiss bank, you have to prove that you have earned that money legally. If…you are a journalist, you come to Switzerland with two million dollars and say you earned it because you did a very good job, nobody will believe you”, he said.

While speaking on the alleged looted funds, Hodel said Switzerland had helped the Nigerian government recover a lot of stolen funds and the recent being after the country (Nigeria) requested for a legal assistance on how to recover
the fund.

“There was a request by Nigeria to the Swiss authority to look for Abacha’s money and some amount have been found in an account, the recent one is $370 million traced to Luxembourg. That is now between the Abacha family and the government. They have tried to find a deal so that this money can also come back.”

When asked on when the money will be released to the Nigerian government, Hodel said the Swiss government lacked the capacity to refund the money but can quiz the Abacha’s family to get it back.

“My country is not involved. The Nigerian government has asked for legal assistance, when the government makes a request to my government, we will work together on it. But this case is different, that is the Abacha family directly with the Nigerian government finding a deal.”