By Vivian Okejeme
Abuja
Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has signed a tripartite Memorandum of Understanding (MoU) with Switzerland and the World Bank to receive the sum of $321 million stolen by the family of the Late Head of State, Gen. Sani Abacha.
The MoU, signed on December 4, 2017, in the United States of America, is in consonance with Switzerland’s policy of returning illegally acquired assets.
According to a report filed by the Media Adviser to the AGF, Salihu Isah, the modalities for the return of the stolen funds were set out in the MoU that was signed by the three parties at the Global Forum on Asset Recovery (GFAR) United States.
The report stated that the move “gives Nigeria visibility and will set precedence on the need for transparent management of returned assets internationally.”
“The MoU allows the involvement of civil society in the monitoring of the restitution process. 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.”
Going further on the benefits of having the stolen funds back to the country, the report indicated that it “will make a concrete contribution to the implementation of the 2030 Agenda for Sustainable Development and can set a good example internationally for future restitution cases.”
Isah said the AGF signed for Nigeria, while Ambassador Roberto Balzaretti, the Director of the Directorate of International Law, who doubles as Head of the Swiss delegation to the GFAR, signed for Switzerland, with the Country Director of the World Bank Office in Abuja, Mr. Rachid Benmessaoud, signed for the World Bank.
