Nigeria has signed a memorandum of understanding with Switzerland for the return of $321 million stashed by former military ruler, Sani Abacha.

Attorney-General of the Federation, Abubakar Malami sealed the agreement in Washington DC, US, on Monday afternoon at the headquarters of the World Bank Group.

Background:

• Abacha who ruled Nigeria from November 1993 till June 1998 had stashed funds abroad before his death.
• The Federal Government had said it was concluding plans with Switzerland on the return of the funds.

Civil Society Organisations are expected to monitor the use of the funds when returned and were largely part of the negotiation process.

The money is expected to be expended on social protection programmes in Nigeria.

Azeez