The Federal Government of Nigeria will has paid a sum of 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 not
TheNigerialawyer 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 not
TheNigerialawyer, 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.
The Federal Government of Nigeria will has paid a sum of 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 not
TheNigerialawyer 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 not
TheNigerialawyer, 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.