Federal Government has initiated negotiations with the Swiss Government on the process of repatriating another $321 million looted fund stashed away in a Swiss bank back to the country.
Making the disclosure when he hosted Swiss Foreign Minister, Mr. Didier Burkhalter, in Abuja, Minister of Foreign Affairs, Mr. Geoffrey Onyeama, said however that there had to be an agree ment on what the repatriated money would be used for as well as agreeing on the modalities for the repatriation which involved monitoring mechanism by the World Bank before the looted fund could be released to the Nigerian government.
This is just as he also disclosed that a Memorandum of Understanding (MoU) had been signed with the Swiss Government on cooperation in the area of human right migration agreement.
The minister said: “The modalities are basically legal framework; for that we are trying to put in place and there are pre-conditions that are also in place already and this required monitoring mechanism. So we have to agree before hand as a pre-condition on what the money would be used for.
“The World Bank would be part of the monitoring process to ensure that the money is used for the benefit of Nigerian people.” The minister described the Swiss envoy’s visit as significant in the sense that it helped with the commencement of repatriation of the looted fund, adding that other looted fund could be discovered in future.
Onyeama also recalled that the Swiss Government was also helping Nigeria significantly in many different areas, including with the Internally Displaced Persons, IDPs, in the northern part of the country as well as in the area of trade. He explained that plans by Switzerland to open a new Consulate in Lagos would be a desirable mechanism for trade promotion and improved Swiss investments in the country. In his remarks, the envoy said his country would try to re-enact the feat it achieved in the past by facilitating illicit asset recovery and restitution from Switzerland to Nigeria. He recalled: “There is a history, 10 years ago, we repatriated $700 million Abacha looted fund, and now there is a possibility that in principle another $321 million will be returned soon.
“For our government, it is very important to act swiftly, to act in a transparent way and act for the good of the population of Nigeria. And the decision of the prosecutor of Geneva set a condition and this condition is monitoring mechanism by the World Bank.” He expressed optimism that if the two countries sign a treaty very swiftly and possibly to support social projects in Nigeria, with the monitoring of the World Bank the money would be repatriated. The envoy pointed out further that the time to repatriate the fund would depend largely on the capacity of the two countries finding the solution to the conditions that are set through appropriate treaty signed between Nigeria and his country. Meanwhile, Vice President, Yemi Osinbajo, yesterday said the Federal Government welcomed an offer of the Swiss government to return the $321 million looted fund. According to him, government was now developing a framework that would aid the repatriation of such stolen assets stashed abroad by treasury looters. A statement issued by Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said Osinbajo spoke during a meeting with a Swiss delegation led by Mr. Burkhalter and the Swiss Ambassador to Nigeria, Mr. Eric Mayoruz. Osinbajo noted that the framework being developed would ensure that recovered assets would be put to use, for which they have been intended, According to him, the framework once finalised, would be made available publicly, saying that it would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered.
He said: “The framework will guarantee that returned assets will be used in the interest of the people of this country.”
The Vice President commended the Swiss government for its assistance in repatriating the country’s stolen assets. “Swiss has always been at the forefront of returning stolen assets and ensuring that the people of Nigeria get the benefit,” Osinbajo said. The statement further said the Attorney-General of the Federation and Justice Minister, Mr., signed an agreement described as a “Letter of Intent” between the Swiss Government and the Nigerian government on the restitution of illegally-acquired assets forfeited in Switzerland while Burkhalter signed the letter for the Swiss Government.
The statement further said under the agreement the Swiss Government will award to Nigeria $321 million “of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the Judiciary of the Republic and Canton of Geneva pursuant to a Forfeiture order dated 11th December 2014.”
Source: Mirror
