Nigeria signs MOU with Switzerland to return $321m Abacha loot

- Nigeria and Switzerland have signed a memorandum of understanding (MoU) for the return of $321 million
- Nigeria’s minister of justice and attorney general, Abubakar Malami, signed the MOU with Swiss authorities on Monday, December 4
- The looted funds being returned was initially frozen in

Luxembourg and confiscated by Switzerland
Nigeria has signed a Memorandum of understanding (MOU) with Switzerland for the return of $321 million in looted funds traced to former military ruler, Sani Abacha.
This was made known is a series of tweets by Aso Rock on Monday, December 4.
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Nigeria will receive the sum of $321m stolen by the family of late Head of State, General Sani Abacha, following the signing of a tripartite memorandum of understanding (MOU) by Attorney General Abubakar Malami (SAN) with Switzerland and the World Bank.
The modalities for the return of the stolen funds are set out in the MOU that was signed by the three parties at The Global Reform on Asset Recovery (GFAR).
The return of the looted funds is in line with Switzerland’s policy of returning illegally-acquired assets.
The MOU stipulates that the restitution of funds will take place within the framework of a project known as the National Social Investment Program that will strengthen social security for the poor in Nigeria.
The MOU also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption, as well as allows the involvement of civil society in the monitoring of the restitution process.
These funds being returned to Nigeria initially frozen in Luxembourg were confiscated by Switzerland as part of criminal proceedings brought by the public prosecutor's office of Geneva against Abba Abacha in December 2014.
It was also stated that Nigeria will use the opportunity of the The Global Reform on Asset Recovery meeting at the headquarters of International Finance Corporation in Washington, DC to negotiate the return of other assets and also engage in bilateral meetings with several other countries.
The Nigerian delegation to GFAR 2017 includes Abubakar Malami, Attorney General & Minister of Justice, Juliet Ibekaku, special assistant to the president on Justice Reform, & Coordinator, Open Government Partnership Nigeria, as well as civil society organizations represented by Revd David Ugolor, ED.