Juliana Taiwo-Obalonye, Abuja

President Muhammadu Buhari has signed a Memorandum of Understanding (MoU) with the Swiss government and International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland.

The president also signed an Instrument of Ratification of the Agreement between Nigeria and Singapore, for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

His Special Adviser on Media and Publicity, Femi Adesina, made this known in a statement in Abuja, yesterday.

Adesina said signing of the instruments followed the approval of the Federal Executive Council (FEC).

“The first one is the Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

“The other was the Instrument of Ratification of the Memorandum of Understanding (MoU) among the Government of the Federal Republic of Nigeria; the Swiss Federal Council and the International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be restituted to the Federal Republic of Nigeria.

“With the execution of these instruments, Nigeria’s trade relations with Singapore and income therefrom are expected to rise, while the return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure,’’ Adesina said.

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On December 6, 2017, reports indicated that the Swiss government would return $321 million to Nigeria, which was seized from the family of former Head of State, General Sani Abacha, who ruled Nigeria for five years until his death in 1998.

The assets were confiscated as part of criminal proceedings against the son of the late head of state, Abba.

The Swiss government said in a statement that an agreement had been reached with officials from the Federal Government and the World Bank, on the terms of restitution.

“We are grateful for the international support we’re getting in the fight against corruption. Global collaboration is critical to the success of the fight…We will continue to work to deepen mechanisms, not just for asset recovery but for preventing corruption in the first place.”

Switzerland has already recovered around $700 million of Abacha-related assets to date.

Nigeria is also pursuing $480 million that has been seized in the United States of America, but faces a laborious legal process to reclaim it.

Nigeria is one of four countries being prioritised for asset recovery assistance at the inaugural Global Forum on Asset Recovery, which held in Washington DC, last year.

Nigeria lost $400 billion to corruption between 1960 and 1999, according to estimates cited by the United Nations Office on Drugs and Crime (UNODC).