From Ayodele Aminu in Washington D.C., United States, 09.27.2005

Switzerland had earlier released $290 million to Nigeria following a decision by the Federal Supreme Court of Switzerland that the Abacha funds in some Swiss banks be repatriated to the Nigerian Government.
Speaking yesterday in Washington D.C. at a press conference on the Abacha funds, which also had in attendance Nigeria’s Finance Minister Ngozi Okonjo-Iweala and World Bank President Paul Wolfowitz, Gerber said the balance of the Abacha funds were in fixed assets and needed to be converted to liquid assets before release to Nigeria.
“The funds are going to be released as soon as possible because they have to be converted from fixed to liquid assets. I cannot give a specific timeframe,” the Swiss Secretary of State said in response to a question at the briefing.
“Repatriating illegally acquired funds, such as the Abacha funds in the case of Nigeria, is an important tool in the fight against corruption and at the same time a significant potential source for developing financing,” Gerber added.
On her part Okonjo-Iweala said some administrative procedures still needed to be followed before the funds are released to Nigeria.
“It is purely an administrative procedure and requires no legal issues. It takes time to convert fixed assets to liquid assets. We (Nigerian Government) are currently working hard with the Swiss Government to ensure that the remaining $178 million will be returned as soon as possible,” she said.
She commended the Swiss Government, saying that by returning the funds, it has sent a message to corrupt government officials all over the world that there is no safe haven for stolen funds.
She assured that the funds would be judiciously used to boost education, social infrastructure, healthcare, reduce poverty and create wealth for Nigerians.
She reaffirmed that the Obasanjo administration was ready to fight corruption and has tried and jailed government officials found wanting in this regard.
“The return of this money is the result of years of hard work by the Nigerian Government. We appreciate the willingness of the Swiss to act on this issue. It is a first step.
“We are committed to ensuring that all funds stolen from Nigeria are returned and all potentially corrupt people are aware there are no more safe havens. I feel that this process has taken too much time and appeal to the international community to put in place mechanisms that would facilitate the fight against international corruption,” she said.
Wolfowitz commended Nigeria for its strong commitment to fight corruption and improve accountability and transparency, and the Swiss Government for making a significant contribution to the campaign against the misappropriation of public funds.
“The message is that there is no safe haven for looted funds or corrupt activities. We welcome the opportunity to play a supportive role as facilitator and adviser in a process that restores these assets to the Nigerian people and helps channel more resources to poverty reduction programmes,” he said.
Meanwhile, Nigeria and the World Bank have agreed to proceed with a Public Expenditure Management and Financial Accountability Review (PEMFAR). This review, jointly conducted by Nigeria and the World Bank, aims to support the Government’s efforts at reforming and strengthening its expenditure system.