Economy

FG, Switzerland Seal Deal On $321m Abacha Loot

The Federal Government, on Monday in Abuja, signed a Memorandum of Understanding (MoU) with Switzerland in a bid to facilitate the return of illegally acquired assets starched in that country allegedly by the regime of late General Sanni Abacha while he was Head of State until his sudden death in 1998.
Reuters recalls that Switzerland said in December that it would return to Nigeria around $321m in assets seized from the Abacha family via a deal signed with the World Bank.
Since taking office in 2015, President Muhammadu Buhari has sought help from several nations to recover money he said was taken from public coffers of the OPEC member, which is Africa’s biggest oil producer and has the continent’s largest economy.
Buhari’s spokesman said in an emailed statement that the MoU ratified was between Nigeria, Switzerland and the International Development Association, (IDA), the World Bank’s fund for the world’s poorest countries.
“The return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure,” said the spokesman in the statement.
Separately, Buhari also signed an agreement with Singapore on Monday for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains, the spokesman’s statement said.
Reacting in a tweet on his twitter handle, Senator Shehu Sani, representing Kaduna Central zone at the upper chamber applauded the signing of the deal with Switzerland, describing it as “a giant leap forward.”
He however reminded “the President that that of Dubai has been pending for two years now since his last visit… And that of UK too no news.”

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