Nigeria, Switzerland sign deal to repatriate $350m Abacha loot

Nigeria, Switzerland sign deal to repatriate $350m Abacha loot

The federal government has signed a memorandum of understanding (MOU) with Switzerland for the repatriation of $321m Abacha loot back to Nigeria.

Justice Minister, Abubakar Malami, signed the agreement on behalf of Nigeria, in Zurich.

The $321 million, according to the transparency international, is part of the estimated 45 billion stolen by the late military dictator, General Sani Abacha, from the federal government’s treasury.

Nigeria, Switzerland and World Bank agreed in the MOU on the disbursement of the $321m in tranche, and concrete measures in case the repatriated loot is misused or diverted.

In 2014, the Presidency reached a deal with the Abacha family to secure the looted fund in exchange for withdrawal of charges against the late dictator’s son, Abba Abacha, then facing trial in Switzerland.

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