Nigeria and Switzerland have sealed a memorandum of understanding (MoU) for the return of $321 million traced to former Nigerian military ruler, Sani Abacha.
The deal was signed on behalf of Nigeria by Abubakar Malami, the attorney-general of the federation, in Washington DC, US, on Monday afternoon at the headquarters of the World Bank Group.
When returned, the money is expected to be expended on social protection programme in Nigeria.
Abacha ruled Nigeria from November 1993 till his sudden death in June 1998 — during which he stashed billions of dollars abroad.
Recoveries have been made since Nigeria’s return to democracy in 1999 with suspicion that they have been mismanaged.
Civil Society Organisations were involved in the negotiation of the new MoU and are expected to monitor the use of the funds.
The Global Forum on Asset Recovery was established as an outcome of the London 2016 Anti-Corruption Summit hosted by former UK Prime Minister, David Cameron.