Nigeria, Switzerland sign agreement to repatriate $321m Abacha loot

-




The Federal Government on Tuesday signed an agreement called “Letter of Intent” with the Swiss government with the aim of repatriating $321m looted by a former military ruler, late Gen. Sani Abacha.
According to a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, the agreement was signed during a meeting Vice President Yemi Osinbajo had with a Swiss delegation led by the country’s Federal Councillor and Head of its Foreign Affairs Department, Mr. Didier Burkhalter and the Swiss Ambassador to Nigeria,  Mr. Eric Mayoruz, at the Presidential Villa, Abuja.
He said the Attorney-General of the Federation, Mr. Abubakar Malami (SAN), signed the agreement on behalf of the Federal Government while Burkhalter signed on behalf of the Swiss government.
He said the agreement was on the restitution of illegally-acquired assets forfeited in Switzerland.
“Under the agreement, the Swiss government will award to Nigeria $321m 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,” the statement read.
While welcoming the offer to return the stolen fund, Osinbajo was quoted as saying that the Federal Government is now developing a framework that would aid the repatriation of such stolen assets starched abroad by those who have looted from the country’s resources in the past.
He added that the framework would also ensure that the recovered funds are not re-looted.
“We guarantee that recovered assets would be put to uses for which they have been intended,” he said.
The Vice President said the framework once finalised would be made public.
He said the document would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered.
“The framework will guarantee that returned assets will be used in the interest of the people of this country,” he added.
Commending the Swiss government on its assistance in repatriating the country’s stolen assets, the Vice President said the Federal Government appreciates the Swiss government for their  laudable efforts.
He noted that the “Swiss has always been at the forefront of returning stolen assets and ensuring that the people of Nigeria gets the benefit.”
Olalekan Adetayo
Punch

Comments

Post a Comment

Popular posts from this blog

How Buka Suka Dimka was Arrested After the Coup

-
Image
 40 years ago, after the calamitous coup failed, Lt. Colonel Buka Dimka who played a leading role in the events of February 13, 1976 sought refuge in the arms of an old girlfriend in Afikpo in the then Anambra State. An indigene of the town, Chief Jasper Okoro, a native of Afikpo now in Ebonyi State, a former Editor-in-Chief of Ebonyi State owned newspapers, publishers of the Nigerian Patriot recounts the events of that time and he like many other indigenes of the town would not disclose the present identity of Ugo, the former Dimka flame who is now married.  Excerpts: What can you say about the Dimka’s coup? I was a teacher when the coup took place and Dimka and his partners were declared wanted. At that time, the radio kept announcing that whoever finds him should report to the police as some benefits will be given to the person. So, every 15 minutes or thereabout the radio continued to flare the information. Dimka had served as an officer here, (Afikpo) we came back from Bia
Continue »

YOUNG JACOB TREMBLEY STEALS THE DAY

-
Image
‘Room’ Star;9 Years Old Jacob Tremblay, Steals Show With Adorable Critics' Choice Speech The nine-year-old star of Oscar-tipped movie ‘Room’ aced his speech at the Critics’ Choice Awards in Santa Monica last night, turning in a heart-melting speech in front of a star-studded audience. Canadian actor Jacob Tremblay had the crowd in the palm of his hand as he delivered his heart-felt tribute to his fellow actors and crew. Clasping the gong for Best Young Actor, but struggling to reach the microphone, he said: “This is super cool. It’s the best day of my life.” Bradley James, who presented Jacob with the award alongside fellow former child star (now director) Fred Savage, then tilted down the mic so that he could make his acceptance properly. “I first want to say thank you to all the critics who voted for me. It must be a super hard vote because of all of the other great actors in this category,” he said to gasps of delight from the crowd. He also thanked 'Tea
Continue »

Nigeria: Switzerland Reopens Consulate Office In Lagos After 55 years

-
Image
After 55 Yrs, Switzerland Reopens Consulate Office In Lagos. Fifty-five years after it shut its consulate-general office in Nigeria, the Swiss government inaugurated a new office in Lagos late Tuesday. Declaring the office open, Didier Burkhalter, Switzerland’s federal counselor, and head of foreign affairs, said the Nigerian office is the second in Sub-Saharan Africa. “The opening of this second consulate-general of Switzerland in Sub-Saharan Africa, after Cape Town, marks a very special day for us,” he said. “Switzerland is officially returning to the place where its long-standing friendship with Nigeria started 55 years ago: the exciting city of Lagos! “Ever since the opening of our embassy, Nigeria has been at the heart of our foreign policy on Africa.” He said Nigeria has not lost her importance in his country’s foreign policy. Burkhalter also said the economic significance of Nigeria could not be “overstated”, adding that it was “one of the main reasons” that th
Continue »