The Swiss government has confirmed that it has so far returned
$723 million (about N142.43 billion) of stolen funds ceased from the family of
the late former head of state, Sani Abacha, to the Nigerian government over the
last 10 years.
The amount excludes $321million (about N63.24 billion) which the
Swiss authorities recently said recently it was planning to repatriate to
Nigeria.
These details are contained in the agreement signed on March 8,
2016 in Abuja by representatives of the Swiss Federal Council and the Nigerian
government.
The agreement, titled “Letter of Intent on the restitution of
illegally-acquired assets forfeited in Switzerland,” was signed by Nigeria’s
Attorney-General and Minister of Justice, Abubakar Malami, and the Swiss Head
of Foreign Affairs Department, Didier Burkhalter.
The document, obtained by PREMIUM TIMES, reveals that $321
million acquired illicitly by the Abacha family, was initially deposited in
Luxemburg before being confiscated by the Swiss Republic Judiciary and Canton
of Geneva following a December 11, 2014 forfeiture order.
The agreement says funds to be returned to Nigeria would
contribute to the implementation of social programmes for the benefit of the
Nigerian people in “an efficient and accountable way, guaranteed by a
monitoring by World Bank”.
Acknowledging the cooperation of Switzerland and Nigeria as an
excellent opportunity to fight against corruption at domestic and international
levels, the signatories to the agreement recalled the long partnership by their
two countries in asset recovery based the principles of national interest,
trust and mutual respect.
Considering Chapter V of the UN Convention against corruption,
which is the international legal framework for asset recovery, the signatories
also drew attention to Article 51 of the document that states afford each other
measures of cooperation and assistance.
The agreement also emphasized the need for the process of
repatriation of the stolen funds to be undertaken based on international best
practices of transparency and accountability in a manner that satisfy the
scrutiny of civil society and the international community.
The signatories affirmed, among others, their intention to
maintain a fruitful cooperation based on trust and respect in order to enable
transparent and efficient use of the funds for the benefits of the Nigerian
people.
They also agreed to ensure that the deployment of the funds was
monitored by the World Bank in line with separate forfeiture orders issued by
the Swiss Public Prosecutor and the Canton of Geneva on December 11, 2014.
The two countries pledged to maintain regular exchanges and
constructive engagements towards the conclusion of the processes necessary for
the final return of the looted funds to Nigeria, adding that the letter of
intent, which does not impose any legally binding obligation, would continue to
provide the basis for their cooperation.
“The implementation of the present letter of Intent between the
Signatories (Swiss and Nigerian governments) is guided by the principle of
ethics, mutual respect and cooperation,” the agreement stated.
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