[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Languages
Last Updated: Saturday, 23 December 2006, 01:08 GMT
Nigeria 'using Abacha cash well'
Safe door
Mr Abacha is thought to have embezzled billions of dollars
Nigeria is using funds it regained from the former military ruler, Sani Abacha, to boost health, education and transport, the World Bank has said.

A Swiss court returned $458m (257m) of stolen funds to Nigeria last year, on condition it was spent on development and monitored by the World Bank.

Now, a World Bank review has found that half the projects begun with the looted cash have been successfully completed.

Nigeria is lacking in infrastructure, despite its abundant oil wealth.

The World Bank review said the monitored projects were being implemented across the country, and most of those not yet finished were heading for completion.

Frozen funds

A World Bank statement said the stolen funds were "utilised for development projects in five sectors".

It said the study showed significant increases in spending in 2004 in areas such as power, roads, water, education and health.

Mr Abacha was in power from 1993 to 1998 and is thought to have embezzled billions of dollars.

Following his death in 1998, Nigeria started trying to claw back money that had been deposited outside the country.

In 1999, Swiss authorities originally froze funds linked to Mr Abacha found in its banks.

However, they refused to return them until they were given guarantees about how the money would be used.


SEE ALSO
Nigeria regains more Abacha cash
27 Sep 05 |  Business
Swiss banks returning Abacha cash
09 Sep 05 |  Business
Nigeria to receive Abacha funds
16 Feb 05 |  Africa
Nigeria recovers 'stolen' money
27 Nov 03 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific