| That's never happened before. |
 LAGOS — Nigerian President Olusegun Obasanjo accused Switzerland of blackmail yesterday for linking the return of $500 million in looted funds to the repatriation of suspected Nigerian criminals. Switzerland agreed last August to return money traced to the late dictator Sani Abacha, who died in 1998, and the Swiss Supreme Court ruled in Nigeria's favour in February, but Switzerland has yet to make the transfer. The Swiss Justice Ministry said earlier this month that the delay was caused by the sale of securities and the time required to set up a system by which the World Bank could monitor how the funds are used.
I didn't realize the Swiss had a right to monitor how stolen money was used. Must be one of those Euro ideas.
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"We have done everything the Swiss authorities have asked us to do," Obasanjo said in a speech broadcast on national television and radio. "They have even resorted to blackmail, to the ridiculous extent of giving conditions for us to repatriate Nigerians alleged to have run foul of their laws before releasing our money." Abacha is believed to have stolen at least $3 billion during his five-year rule over the world's eighth largest oil exporter. Swiss banks originally held $700 million, but $200 million has been returned to Nigeria already. The Opec member nation returned to democratic rule in 1999, and Obasanjo has launched an ambitious economic reform programme aimed at cleaning up corruption and reducing poverty. Nigeria, which is still ranked the third most corrupt country in the world by graft watchdog Transparency International, argues that the funds will be used for development projects.
| And they shouldn't have to argue anything. |
The $500 million was included in Nigeria's 2004 budget, but the government was forced to issue treasury bills to cover the shortfall in January when the funds failed to arrive. Abacha's family had tried to stop repatriation of the money,
| I've received a number of emails from them on the subject... |
but the Swiss Supreme Court ruled that $458 million was "of clearly criminal origin." |