Nigerian government moves to recover $321 million from Switzerland

-Government reveals plans to recover $321 million looted funds from Switzerland.

-FG also appealed to the National Assembly to approve legislative frameworks that will make it easier to fight corruption. 

The federal government of Nigeria, has disclosed plans are underway to repatriate $321 million looted funds hidden in Switzerland.

The information was made public by Juliet Ibekaku, senior special assistant to President Buhari on justice reform.

According to her, in December, the federal government would sign a memorandum of understanding (MoU) that would lead to the recovery of $321 million from Switzerland.

She disclosed this while speaking at an anti-corruption programme organised by the Centre for Democracy Development (CDD), Open Society Initiative for West Africa (OSIWA) and Department for International Development (DFID).

In her speech at the event, Ibekaku advised civil society organisations (CSOs) to engage the national assembly on the need to pass laws such as proceeds of crime bill, money laundering prohibition bill among other proposed legislation that have been at the national assembly for about two years now.

“We need the CSOs, the media to engage the national assembly on why it will take two years to pass a legislative framework,” Ibekaku said.

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“We know the senate is doing all it can but some of the challenges we are having now is with the house of representatives.”

“As we speak today, the AGF is talking to the National Judicial Institute to get them to work with the executive,” she said.

“We have developed a prosecutors’ code and we are making sure that they (prosecutors) go by it in court.”

Speaking at the event, Idayat Hassan, director of CDD, gave support to the idea of using looted funds to fund the budget.

“I think it is a welcome idea that it (looted funds) is actually used to fund the budget as against the idea of Nigeria borrowing for instance for us to continue to hear Nigeria has recovered millions, billions of dollars, naira,” Hassan said.

“Importantly why do we need to borrow, we keep borrowing and borrowing, so funding it (budget) with it, I think it is welcomed.”