The Swiss government has said $700m (£238.6m) of the “Abacha loot” had been paid to
to Nigeria in the last decade. Roberto Balzaretti, a Swiss diplomat, told the British Broadcasting Corporation, BBC, that the final balance of $321m would be paid in instalments in the next two to three years.
Balzaretti said the money will be transferred to the Bank of International Settlement in Basil, and in to the Nigerian government account.
“It will be used to finance projects that will strengthen social security for the poorest sections of the Nigerian population,” he said.
The Nigerian and Swiss Governments as well as the World Bank Monday signed a tripartite agreement on the repatriation of the loot.