The Switzerland government has agreed to return the sum of $321 million stashed in the nation’s bank by the late dictator Sani Abacha.
Both countries on Friday signed a Memorandum of Understanding (MoU) to effect the repatriation.
The pact also seeks to block accounts linked to stolen funds.
In 2005, Switzerland repatriated $722m stolen by Abacha to Nigeria.
The Swiss Ambassador to Nigeria, Eric Mayoraz, who spoke during the signing of the MoU on Mutual Legal Assistance on criminal matters, between the Swiss government and the Federal Government in Abuja said that both countries are now in the process of repatriating the looted fund.
The ambassador, who stated that the pact is aimed at fostering understanding between the two countries as it relates to their different legal system said, “We are now in the process of repatriating $321m from the second batch of the Abacha loot.
“Our countries enjoy excellent relations and we cooperate as partners in many fields, particularly on the return of looted assets, migration, human rights, humanitarian assistance and many others.
“Today, we decide to take this cooperation forward to deepen it in the field of judicial cooperation. By signing a Memorandum of Understanding in this important area, our two states further strengthen their ties of friendship and cooperation.”
Dolapo is a writer and journalist who works with YNaija. He has interests in Christianity, politics and sports.
How long will it take to return it?