Photos: FG, Switzerland and World bank sign memorandum of Understanding for return of $321m Abacha loot
Minister of Justice and Attorney General of the Federation, Abubakar
Malami, the Switzerland government and World Bank yesterday signed a
Memorandum of Understanding for the return of $321 millions of Abacha
loot. The memorandum was signed at the ongoing Global Forum on Asset
Recovery GFAR meeting in Washington DC.
A statement by the media aide to the Minister, Salihu Isah, said the
Director of the Directorate of International Law and head of the Swiss
delegation to the GFAR, Roberto Balzaretti, signed the MoU on behalf of
the government of Switzerland and the Country Director of the World Bank
office in Abuja, Mr. Rachid Benmessaoud signed on behalf the World
Bank.
He explained that the funds would be returned to Nigeria in tranches
under a project known as “the National Social Investment Program” aimed
at strengthening social security for the poor in Nigeria.
“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. The chosen solution for restitution is being
undertaken by the three contracting parties as a partnership” in line
with the objectives of Switzerland’s strategy to freeze, confiscate and
return the illicitly acquired assets of politically exposed persons
(asset recovery) which is based on the principles of transparency and
accountability. It also allows the involvement of civil society in the
monitoring of the restitution process. Furthermore, the return of these
funds makes a concrete contribution to the implementation of the 2030
Agenda for Sustainable Development and can set a good example
internationally for future restitution cases.”
He explained that that the sum of $321m was initially frozen in
Luxembourg and confiscated by Switzerland as part of criminal
proceedings brought by the public prosecutor’s office of Geneva against
Abba Abacha in December 2014.
“The signing of this MoU gives Nigeria visibility and will set
precedence on the need for transparent management of returned assets
internationally. The GFAR brought together experts from the field of
asset recovery to strengthen international cooperation in this
area. Nigeria will also use the opportunity of the GFAR meeting at the
headquarters of the International Finance Corporation in Washington DC
to negotiate the return of other assets and also engage in bilateral
meetings with several other countries.”
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