Buhari signs MoU for return of loot confiscated by Switzerland

To allow for safe return of Nigeria’s looted funds, President Muhammadu Buhari on Monday signed the instrument of ratification of a Memorandum of Understanding with Nigeria, Switzerland and the International Development Association.

The development will ensure the repatriation, monitoring and management of illegally-acquired assets belonging to Nigeria but confiscated by Switzerland to Nigeria.

This was made known by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, in a statement on Monday.

Adesina added that the signing of the agreement would go a long way to boost the Buhari government’s graft fight as well as provide additional funds for the development of the nation’s critical infrastructure.

He disclosed that President Buhari also on Monday signed the instrument of ratification of the agreement between Nigeria and Singapore for the avoidance of double taxation.

Both instruments, according to Adesina, was signed by the president after the Federal Executive Council (FEC) had earlier approved them.

“Following the approval of the Federal Executive Council, President Muhammadu Buhari Monday signed two instruments namely: the Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

READ ALSO: ‘Nigeria’s journey in the last 3 years has been a very turbulent one’- Buhari

“The other was the Instrument of Ratification of the Memorandum of Understanding among the Government of the Federal Republic of Nigeria; the Swiss Federal Council and the International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be Restituted to the Federal Republic of Nigeria.

“With the execution of these instruments, Nigeria’s trade relations with Singapore and income therefore are expected to rise, while the return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure,” the statement read.

 

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