TheCable

The federal government says it is set to recover another $321 million looted fund from Switzerland, in addition to the $85 million earlier recovered.

Abubakar Malami, minister of justice and attorney-general of the federation, said this on Wednesday while speaking to state house correspondents after the federal executive council meeting.

“As you are aware, the federal government has been making efforts to recover stolen funds, loot, assets and the efforts have been indeed yielding fruits particularly as it relates to local recoveries,” he said.

“Now, there exist a forum, that is global assets recovery forum, taking place in December, in US and we are looking towards that, we are in agreement substantially with Swiss for the recovery of additional sum of $321m.

“That memorandum of understanding (MoU) has been substantially agreed between Nigeria and Swiss. We intend to now execute or to sign off the agreement during the global forum on assets recovery coming up December.

“It is collectively agreed upon between Nigeria and Swiss that we on our own part should seek the approval of council to ratify the MoU as agreed, and they on their own part too, procure the instrument of ratification that will now give the respective officers of the two countries the desire power and effect to now sign off on the agreement.”

Malami said with the approval, he has been mandated to execute the agreement that will see to the repatriation of the $321million.

“Also added to it (is) to develop the instrument of ratification that will be expected from both sides of the devide which will constitute the basis for the signing of the agreement in December in US during the global forum on assists recovery,” he said.