Friday, October 27

Switzerland to return $321m Abacha loot – Abubakar Malami

 Switzerland-to-return-$321m-Abacha-loot-–-Abubakar-Malami
The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN) Thursday, said that negotiation has been concluded with Switzerland on the return of $321 million recovered from the late Abacha family.

Malami added that the country recently recovered $85 million from the controversial Malabu Restrained Funds from United Kingdom (UK).

Malami said these in Abuja at a Pre-Global Forum on Asset Recovery (GFAR) Consultative meeting with the theme: “Building an ending framework for asset recovery in Nigeria.

Malami also said that with the conclusion of the negotiation, the Memorandum of Understanding (MoU) will be signed by parties at the Global Forum on Assets Recovery meeting to be held on between December 4 and 6 in Washington.

He said after parties’ endorsement of the MoU, the repatriation of the funds would follow within weeks as agreed by the parties.

Malami assured that the country was willing to support the transparent return of stolen assets.  He urged the international community to ensure prompt return of assets from the country to enable it meet the sustainable development goals.

“It is widely acknowledged that corruption undermines economic development, political stability, rule of law, social development, disrupts social order and destroys public trust in the governance system. It is an established fact that corruption which is linked to organized crime, terrorism and insecurity is one of the reasons for underdevelopment.

“Resources and funds meant for development of infrastructure in education, health and security sectors, among others have been stolen and hidden in different parts of the world.”

The British Ambassador to Nigeria, Paul Arkwright (represented by Senior Police Advisor, Michael H. Bonner) and. Swiss Ambassador, Eric Mayoraz commended the Nigerian government for collaborating with Civil Society Organizations to fight corruption and in tackling illicit financial flows.

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