'Abacha loot': Switzerland to return $320m to Nigeria

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'Abacha loot': Switzerland to return $320m to Nigeria

The government of Switzerland has signed a pact with the World Bank to return about $321 million Sani Abacha loot to the Nigerian government.

"In accordance with policy on repayment of national assets taken illegally, Switzerland has agreed with Nigeria and the World Bank to return almost US$321 for the benefit of the Nigerian people", the Swiss government said in a statement.

In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

According to Isah, Malami, on behalf of Nigeria, signed the MoU alongside representatives of Switzerland and World Bank at the ongoing Global Forum on Asset Recovery in the US.

We are grateful for the worldwide support we're getting in the fight against corruption.

Global collaboration, he said was critical to the success of the fight.

FG Switzerland and World bank sign memorandum of Understanding for return of $321m Abacha loot
'Abacha loot': Switzerland to return $320m to Nigeria

Now Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank, the Swiss government said.

However on Monday, Switzerland announced that the battle was over and that the money will finally be returned.

"It also allows the involvement of civil society in the monitoring of the restitution process".

"The fight against corruption is one of Switzerland's priorities" Swiss Foreign Minister Didier Burkhalter said, adding that the move should "strengthen social security for the poorest Nigerians", AFP reports.

The modalities for the return of the stolen funds are set out in the MOU that was signed by the three parties at #GFAR2017 on December 4, 2017.

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