TELL Magazine

Kemi Adeosun

The Federal Minister of Finance has disputed what it described as a misleading report published in the media, which erroneously claimed that the Federal Government has agreed to pay a $79 million commission to the Swiss government as part of conditions for repatriation of monies looted by late head of state General Sani Abacha.

Finance Minister, Kemi Adeosun clarified that the amount payable to Nigeria by Switzerland is $321 million, and is being returned to Nigeria for projects which are subject to verification by the World Bank.
“The recovery process is ongoing with the Swiss authorities and the World Bank has agreed to undertake the required verification,” she stated, stressing that there is no deduction of $79 million as suggested in the report which she described as both misleading and inaccurate. She assured that recovery will be made in full and that there is no commitment nor requirement to pay any commission.
The Minister further explained that “the Federal Government is committed to securing the return of all looted funds in their entirety and has never entered into any sharing arrangement as suggested in the report. Intense efforts continue to secure all monies due to Nigeria including an additional $400 million of Abacha loot held up in US Courts on which the Attorney General of the Federation and the Ministry of Finance are engaging with their US counterparts to secure expeditiously.”