Olalekan Adetayo, Abuja

Published November 1, 2017

$321m loot: FEC approves MoU with Switzerland

The Federal Executive Council on Wednesday approved a Memorandum of Understanding between Nigeria and Switzerland that will lead to the repatriation of $321m stolen fund to the country.

The Attorney-General of the Federation, Mr. Abubakar Malami (SAN), disclosed this to State House correspondents at the end of a meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

With the approval, Malami said he had been mandated to execute the agreement that would lead to the repatriation of the fund.

He said, “There exist a forum, that is Global Assets Recovery Forum taking place in December, in US and we are looking towards that. We are in agreement substantially with Swiss for the recovery of additional sum of $321million.

“That Memorandum of Understanding has been substantially agreed between Nigeria and Swiss. We intend to now execute or to sign off the agreement during the global forum on assets recovery coming up December.

“The intention of the memo is to seek the approval of the council to allow the Attorney-General to sign the agreement on behalf of the Government of the Federation of Nigeria. Two, is to develop an instrument of ratification which will now give the Attorney-General, the powers to ensure the repatriation of the funds.

“It is collectively agreed upon between Nigeria and Swiss that we on our part should seek the approval of council to ratify the MoU as agreed, and they on their own part too, procure the instrument of ratification that will now give the respective officers of the two countries the  power and effect to now sign off on the agreement.

“The memo has accordingly been agreed and approved by the council. The implication of which is that the MoU as negotiated between Nigeria and Swiss has been agreed and ratified by council and then the Attorney-General has been mandated to execute the agreement that will see to the repatriation of the $321million  and added to it to develop the instrument of ratification that will be expected from both sides of the device which will constitute the basis for the signing of the agreement in December in US during the global forum on assists recovery.”

Malami said efforts by the Federal Government to recover stolen funds had been yielding fruits particularly as it related to local recoveries.