Nigeria has signed a a memorandum of understanding (MoU) with Switzerland, for the return of $321million traced to its former Military Head of State, Sani Abacha.
The deal was signed on behalf of Nigeria by the Attorney-General of the Federation, Abubakar Malami, in Washington DC, US, on Monday afternoon at the headquarters of the World Bank Group.
Civil Society Organisations were involved in the negotiation of the new MoU and are expected to monitor the use of the funds.
The Nigerian government is expected to spend the loot on social protection programmes in the country, when it is returned.
Abacha ruled Nigeria from November 1993 until June 1998, during which he stashed billions of dollars abroad.
Recoveries have been made since Nigeria’s return to democracy in 1999.