World Bank in Partnership with FG to recover 185m euro Abacha loot

The federal Government is to collaborate with World Bank to recover about 185 million euro transferred to some commercial banks in Liechtenstein in Central Europe by the General Sani Abacha regime through some shell companies.

The recovery effort started about 14 years ago under President Olusegun Obasanjo when about $500 million were also repaid by banks in Switzerland.

The funds would be used to finance rural development projects across the country.

The Minister of Finance, Dr Ngozi Okon-Iweala, said that the Federal Government has been pursuing the money in Liechtenstein and this is part of the legacy of the Abacha monies that were taken out of the country. She said that the essence is that the F.G identified the money in Liechtenstein, through her lawyer, Mr Erico Monfrini of Switzerland.

The minister said the money was sent in through some front companies, some shell companies that were opened up in Liechtenstein and then transferred through those companies into Liechtenstein banks, stressing that the beneficiaries were really General Abacha’s companies.