Discouraging corruption in Africa
Today, we have good news out of Switzerland. According to the BBC, a Swiss court has ordered the seizure of $350 million in assets from the son of 
Nigeria’s former military ruler, General Sani Abacha. General Abacha ruled Nigeria from 1993 until his death in 1998. Swiss authorities have been investigating laundering of Nigerian state funds, up to as much as $2.2 billion, since 1999. This $350 million is on top of $700 million that Swiss authorities have already returned to Nigeria. Abba Abacha, Sani Abacha, was also given a suspended custodial sentence.
The outcome in this case is good news for two reasons. The first reason this is good news is that it allows Nigeria to put these financial resources to better use. Granted, Nigeria continues to have problems with corruption. But surely some of these funds will find their way to appropriate governmental use. No?
The second, perhaps even more important reason this is good news is that it sends a signal to African dictators, thieves and embezzlers: steal and the money could be taken away from you. For too long theft of national funds by African rulers were aided by western countries. Western countries asked no questions when these rules deposited millions and in the case of General Sani Abacha, billions, knowing these funds could only have been acquired by illegal means. As a result, African rulers were encouraged, knowing that all they had to do was get the funds into a private western bank. At that point, even if they died or were overthrown, their family could access and use the funds.
No doubt, many of these rulers calculated and perhaps still calculate that becoming the ruler of an African country is a desirable goal only because it enables one to loot the national treasury. Indeed, the probably calculate as much even knowing that a disproportionate number of African rulers, compared to other parts of the world, are overthrown. To them, it is a worthy sacrifice to loot the national coffers if the reward is millions and potentially billions of dollars provided their families can keep the loot.
That is why this case is important. It sends the message that being an African ruler is no longer a guaranteed way to becoming a millionaire or a sure way to set up your children as millionaires. Even after you’re dead, the authorities may be willing to come after you family, including your children, to retrieve looted state funds. Hopefully, that message will discourage at least some would be thieves.