FG concludes negotiation with Switzerland on return of $321m Abacha loot

macfranc007 October 27, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 David Oladele

- Abubakar Malami said federal government has concluded negotiation with Switzerland on the return of $321Million recovered from the late Abacha's family

- Malami said with the conclusion of negotiation, the memorandum of understanding will be signed by parties at the global forum on assets recovery

- He urged the international community to improve on procedure for faster return of assets to enable Nigeria meet the sustainable development goals

Abubakar Malami, the attorney general of federation and minister of justice, explained that negotiation with Switzerland on the return of $321Million recovered from the late Abacha family had been concluded.

Malami on Thursday, October 26, said Nigeria had recently recovered the sum of eighty-five million US dollars from the controversial Malabu Restrained Funds from United Kingdom.

Vanguard that AGF stated this in his opening remarks at the Pre-Global Forum on Asset Recovery (GFAR) consultative meeting with the theme: Building an Ending Framework for Asset Recovery in Nigeria.

Malami also said with the conclusion of negotiation, the memorandum of understanding will be signed by parties at the Global Forum on Assets Recovery meeting coming up on December in Washington and that the repatriation would follow within weeks as agreed by the parties.

He affirmed the need for the international community to ensure the implementation of the measures considered and adopted at the London anti-corruption summit in May, 2016.

The AGF also emphasised that Nigeria is more than willing to support the transparent return of stolen assets. He equally urged the international community to improve on procedure for faster return of assets to enable Nigeria meet the sustainable development goals.

According to him, “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 organised crime, terrorism and insecurity is one of the reasons for underdevelopment.’’

Malami reiterated that resources and funds meant for development of infrastructure in education, health and security sectors, among others had been stolen.

Meanwhile, NAIJ.com had reported that Nigerian federal government on Thursday, October 26, announced the recovery of $85m, part of stolen funds from the controversial Malabu Oil deal from the United Kingdom (UK).

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