Nigeria and Switzerland have sealed a memorandum of understanding (MoU) that will lead to the return of $321 million in assets seized traced to former Nigerian military ruler, Sani Abacha.
“Switzerland will return to Nigeria around 321 million dollars in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank,” the Swiss government said.
The Swiss government said that Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank.
“The project will strengthen social security for the poorest sections of the Nigerian population.
“The agreement 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 World bank said.
The deal was signed on behalf of Nigeria by Abubakar Malami, the attorney-general of the federation, in Washington DC, US, on Monday afternoon at the headquarters of the World Bank Group.
Transparency International, a corruption watchdog, has accused Abacha of stealing up to five billion dollars of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.
In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.
The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.
In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.