Nigeria, Switzerland sign agreement to return $321m assets stolen by ex-president

Mildred Europa Taylor Mar 27, 2018 at 07:59am

March 27, 2018 at 07:59 am | News

Mildred Europa Taylor

Mildred Europa Taylor | Head of Content

March 27, 2018 at 07:59 am | News

Nigeria’s president, Muhammadu Buhari --- Daily Post

Nigeria has taken the issue of retrieving illegally acquired assets a step further following the signing of a memorandum of understanding with Switzerland on Monday towards that regard.

Last December, the government of Switzerland assured that it will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha through a deal signed with the World Bank.

In an emailed statement cited by Reuters News Agency, the spokesperson of Nigeria’s president said: “The return of illegal assets will not only boost the administration’s anti-corruption drive but also provide additional funds for critical infrastructure.”

The MoU ratified was between Nigeria, Switzerland and the International Development Association, (IDA), the World Bank’s fund for the poorest countries in the world, the statement added.

After assuming power in 2015, Nigeria’s president, Muhammadu Buhari has been seeking assistance from other countries to recover stolen assets taken abroad.

In February this year, Buhari stated that all unclaimed stolen assets recovered will be sold off and the proceeds deposited in the national treasury.

He said the move forms part of his administration’s anti-corruption campaign.

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