Okonjo-Iweala rebuffed questions about whether Nigeria, which had a dismal reputation as one of the world's most corrupt countries, would use the money wisely. She said: "Please remember this is money belonging to the Nigerian people that was stolen. It's a very sore topic. This is a government that has proven that it is transparent."

Abacha looted $2.2bn from bank

The Swiss government froze the Abacha funds on Nigeria's request in 1999, but it had taken years for the money to work its way through the Swiss courts - too long, the African country had complained. Abacha, who died in 1998, was believed to have looted about $2.2bn from Nigeria's central bank during his years in office from November 1993 to June 1998.

Economic affairs ministry secretary of state, Jean-Daniel Gerber, said of the Swiss total, $290m had already been transferred and the rest was being converted into liquid assets so that it could be repaid "rapidly". Campaigners had raised doubts about where the money would end up. They had highlighted corruption fears raised by the recent arrest by British anti-fraud police of Diepreye Alamieyeseigha, governor of Nigeria's Bayelsa State.

World Bank-monitored review

But, Iweala said the government of President Olusegun Obasanjo had proven its anti-corruption credentials with a vigorous campaign against graft, pointing to its agreement to take part in a World Bank-monitored review of oil revenues. She said: "Does this mean I'm saying the country is 100% free of corruption? Please show me any country that is.

"The bottom line is what are we doing about the history we have had? It is up to us to make sure this money is used wisely for our people." She added: "We have channelled monies to education, to health, to rural infrastructure, and we will continue to do so. "We are working in partnership with the World Bank and the Swiss government is helping by facilitating that partnership."

Dr. Ngozi Okonjo-Iweala( Left ), receiving the EuroMarket Market '03 Award, bestowed by Prof. Pierre, President of EMRC