From Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has empowered the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami to sign an agreement between Nigeria and Switzerland, for the repatriation of $321 million at the forthcoming global forum in the United States of America, in December.
Malami disclosed this to State House Correspondents, alongside ministers of Information and Culture, Lai Mohammed, Water Resources, Sulieman Adamu and Industry, Trade and Investment, Okechukwu Enelamah.
Malami said government’s efforts to recover stolen assets has started yielding fruits, and recalled the recent recovery of £185 million from the United Kingdom on the $1.3 billion Malabu oil scandal.
“As you are aware, the federal government has been making efforts to recover stolen funds, loot, assets and the efforts have indeed been yielding fruits particularly as it relates to local recoveries. A memo had been presented to council this afternoon by the Office of the Attorney General which is intended to shift focus to international recovery.
We are in agreement substantially with Swiss [government] for the recovery of additional sum of $321 million. That MoU has been substantially agreed (sic) between Nigeria and Swiss.
“We intend to now execute or sign off the agreement during the global forum on assets’ recovery coming up in December.. The intention of the memo, one, is (sic) to seek the approval of the council to allow the Attorney General to sign the agreement on behalf of the Government of the Federation of Nigeria. Two, is to develop an instrument of ratification which will now give the Attorney General, the powers to ensure the repatriation of the funds.
“It is collectively agreed upon between Nigeria and Swiss [government] that we on our own part should seek the approval of council to ratify the MoU as agreed, and they, on their own part too, should procure the instrument of ratification that will now give the respective officers of the two countries the desired power and effect to now sign off the agreement.”
In his own briefing, Enelamah, said FEC celebrated Tuesday’s ranking of Nigeria in the World Bank Doing Business report which saw Nigeria moving 24 places up from its last ranking on ease of doing business.
He said the ranking was significant because it exceeded the target of the Presidential Enabling Business Environment Council (PEBEC) which only sought to move Nigeria 20 places up.