A high point of the inaugural Global Forum for Asset Recovery, GFAR, is the Memorandum of Understanding which was signed between Nigeria and Switzerland, 4th December, 2017 to return $321million Abacha Loot to Nigeria. A key government official had this to say about how the returned loot is going to be expended.
‘It is important to note that the funds will be used exclusively for social investment for the poor in Nigeria by way of cash transfers to enable them start small businesses and provide them with a source of livelihood. This is one of the most innovative agreements towards returning stolen funds to the Nigerian people’.
The government spokesperson also said that the World Bank and the Swiss Government have agreed to a Terms of Reference for the independent monitoring of the restituted account by Nigeria CSOs.