The government of Switzerland has agreed to return the sum of $321 million stashed in the European nation’s banks by Nigeria’s former Head of State General Sani Abacha.
The agreement was sealed in a Memorandum of Understanding (MoU) on Mutual Legal Assistance on criminal matters, signed by the representatives of both governments on Friday in Abuja.
The agreement, which also seeks to block accounts linked to stolen funds, will usher in the return of the second batch of the stolen money linked to the late Abacha.
Speaking on the pact, the Swiss Ambassador to Nigeria, Eric Mayoraz, hinted that both countries are now in the process of repatriating the looted fund.
According to the envoy, the MoU, will help to remove all the legal bottlenecks in the fund repatriation.
Mayoraz noted that Friday’s event is significant in eradicating every bottleneck associated with the repatriation of stolen funds kept in his country.
The ambassador, while speaking stated that the pact is aimed at fostering understanding between the two countries as it relates to their different legal system said:
“We are now in the process of repatriating $321m from the second batch of the Abacha loot.
“Our countries enjoy excellent relations and we cooperate as partners in many fields, particularly on the return of looted assets, migration, human rights, humanitarian assistance and many others.
“Today, we decide to take this cooperation forward to deepen it in the field of judicial cooperation. By signing a Memorandum of Understanding in this important area, our two states further strengthen their ties of friendship and cooperation.”