FG, Switzerland agree on repatriation of $321m Abacha loot

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    buhari-laughsThe Federal Government and the Swiss Government have signed an agreement that would facilitate the repatriation of the N63.9 billion ($321 million dollars) looted funds stashed in Swiss banks.

    Nigerian Minister of Justice and Attorney-General of the Federation Abubakar Malami signed the agreement at the State House in Abuja yesterday when Vice President Yemi Osinbajo met with a Swiss delegation led by the country’s Federal Councillor and Head of Foreign Affairs Department, Didier Burkhalter.

    The agreement is titled “Letter of Intent between the Swiss Government and the Nigerian Government on the Restitution of Illegally-acquired Assets forfeited in Switzerland”.

    Under the agreement, the Swiss government will repatriate to Nigeria, $321 million “of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the judiciary of the Republic and Canton of Geneva pursuant to a forfeiture order dated 11th December 2014”.

    Earlier, Osinbajo said the Nigerian government welcomed the Swiss government’s offer to return the stolen fund.

    The vice president disclosed that the government was currently developing a framework that would aid the repatriation of stolen assets starched abroad by looters.

    He said when finalised, the framework would be made available publicly and “it would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered”.

    He added: “The framework will guarantee that returned assets will be used in the interest of the people of this country. We guarantee that recovered assets would be put to uses for which they have been intended”. (Daily Trust)

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