Word: sani
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...governments often pocket most of the money. Case in point: Nigeria, which has exported over $320 billion-worth of high-grade crude over the past 30 years but has little to show for it beyond some decaying freeways and sports stadiums. One of Nigeria's last military rulers, General Sani Abacha, whose death in 1998 led to a return to democratic rule, is believed to have stolen more than $4 billion. Just last week a leaked imf report found that $4 billion has disappeared from Angola's budget over the past five years. In Chad, the government spent $4.5 million...
...recent cases the laws brought striking results. Banking regulators publicly reprimanded several Swiss banks?by name?for keeping accounts belonging to relatives of the former Nigerian dictator Sani Abacha. And it was the Swiss in the autumn of 2000 who tipped off Peru that Vladimiro Lenin Montesinos Torres, the former head of Peruvian intelligence, had stashed away about $114 million in five Swiss accounts. Judicial authorities in Zurich blocked the accounts after the banks themselves reported their suspicions. The Swiss ambassador in Lima then informed the Peruvian government and urged it to open an international criminal investigation, with which Switzerland...
Switzerland's banking regulator has an effective weapon to enforce the many new regulations it has put in place over the past decade: public embarrassment. Take the case of former Nigerian President Sani Abacha. At the end of 1999, the Swiss government froze all assets identified as being linked to Abacha, about $660 million, and the Swiss Federal Banking Commission began a full-scale inquiry into how and why the money had come to Switzerland. The regulator?s report, issued in August 2000, was damning?to banks. While five institutions had behaved according to Swiss money-laundering laws and procedures...
...addition to reaping the benefits of a larger circulation, Adio was exposed to the risks of being a journalist under the military rule of General Sani Abacha...
Swiss banks will be ordered to return $535 million of embezzled money to Nigeria. The money was stashed in Switzerland by the African state's former military ruler, General Sani Abacha. The Nigerian government has agreed to drop criminal proceedings against the family of the late dictator and allow them to retain $100 million of the estimated $3 billion that Abacha was alleged to have looted during his five-year rule. Nigeria will eventually recover more than $1 billion from banks around the world...