Nigeria and Switzerland signed a memorandum of understanding paving the way for the return of illegally acquired assets.
Switzerland said in December it would return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank.
Since taking office in 2015, President Muhammadu Buhari sought help from several nations to recover money he said was taken from public coffers of the OPEC member, Africa’s biggest oil producer and the continent’s largest economy.
Buhari’s spokesman said in an emailed statement the memorandum of understanding ratified was between Nigeria, Switzerland and the International Development Association, (IDA), the World Bank fund for the world’s poorest countries.
“The return of illegal assets will not only boost the administration’s anti-corruption drive, but provide additional funds for critical infrastructure,” said the spokesman in the statement.
Separately, Buhari also signed an agreement with Singapore for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital gains, the statement said.