By Levinus Nwabughiogu

ABUJA–Nigerian and Swiss government yesterday signed agreement on the reparation of illegally-acquired assets by Nigerians forfeited in Switzerland.

This came as vice president Yemi Osinbajo announced the readiness of the Swiss government to return $321m stolen funds during the government of General Sann Abacha.

He hinted the the government was now developing a framework on how the recovered funds would be utilised.

The Attorney-General of the Federation and Justice Minister, Mr. Abubakar Malami, SAN, signed the agreement described as a “Letter of Intent” while he Swiss Federal Councillor and Head of its Foreign Affairs Department, Mr. Didier Burkhalter signed on behalf of his government.

The brief event took place at the Presidential Villa, Abuja during a meeting with a Swiss delegation led by Burkhalter and the Swiss Ambassador to Nigeria, Mr. Eric Mayoruz.

Speaking at the event, Vice President Osinbajo said “We guarantee that recovered assets would be put to uses for which they have been intended”.

Osinbajo said the framework once finalized will be made available publicly, and it would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered.

He said “the framework will guarantee that returned assets will be used in the interest of the people of this country.”

He commended the government of Switzerland for indicating to return the stolen money noting that the “Swiss has always been at the forefront of returning stolen assets and ensuring that the people of Nigeria gets the benefit.”

A statement by Laolu Akande, the media aide of the Vice President added that “Under the agreement the Swiss government will award to Nigeria $321m “of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the Judiciary of the Republic and Canton of Geneva pursuant to a Forfeiture order dated 11th December 2014.”