Skip to main content

$321m loot: FEC approves MoU with Switzerland

Image
By
The Federal Executive Council on Wednesday approved a Memorandum of Understanding between Nigeria and Switzerland that will lead to the repatriation of $ 321 m stolen fund to the country.

The Attorney - General of the Federation , Mr . Abubakar Malami (SAN ), disclosed this to State House correspondents at the end of a meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

With the approval , Malami said he had been mandated to execute the agreement that would lead to the repatriation of the fund.

He said , “ There exist a forum , that is Global Assets Recovery Forum taking place in December, in US and we are looking towards that . We are in agreement substantially with Swiss for the recovery of additional sum of $ 321 million.

“ That Memorandum of Understanding has been substantially agreed between Nigeria and Swiss . We intend to now execute or to sign off the agreement during the global forum on assets recovery coming up December.

“ The intention of the memo is 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 that we on our part should seek the approval of council to ratify the MoU as agreed , and they on their own part too , procure the instrument of ratification that will now give the respective officers of the two countries the
power and effect to now sign off on the agreement .

“ The memo has accordingly been agreed and approved by the council . The implication of which is that the MoU as negotiated between Nigeria and Swiss has been agreed and ratified by council and then the Attorney - General has been mandated to execute the agreement that will see to the repatriation of the $ 321 million and added to it to develop the instrument of ratification that will be expected from both sides of the device which will constitute the basis for the signing of the agreement in December in US during the global forum on assists recovery .”

Malami said efforts by the Federal Government to recover stolen funds had been yielding fruits particularly as it related to local recoveries.

Comments

Post a Comment

Popular Post

Buhari tells Nigerians to change for a better future

By
President Muhammadu Buhari on Thursday set out his vision for a better Nigeria, imagining an incorruptible paradise where drivers don’t run red lights and internet scams are a thing of the past. In Buhari’s Nigeria, police turn down bribes from rich men driving SUVs, militants in the oil-rich Niger delta lay down their arms, rubbish is thrown in bins, not the street, and workers are on time. “I won’t sell my body for marks,” a student is quoted as saying in a promotional video to launch the initiative before a gathering of high-profile politicians in the presidential villa in Abuja. “I no go do yahoo yahoo or 419 again,” says another in pidgin English, referring to the online scams originating from Nigeria that have snared victims around the world. The “re-orientation campaign” conjures up images of social engineering and Big Brother-style state control but Buhari maintained it was first and foremost about a change in “mindset”. “We must resist the temptation to fall bac...
Post a Comment
Read more

Eating a combination of chilli and ginger could help prevent cancer

By
Past studies have suggested that capsaicin (an active component of chili peppers) may cause cancer. But in a new evidence by scientists, it was observed that the spicy compound in ginger, 6-gingerol, could counter the harmful effects of capsaicin. Researchers at the American Chemical Society, Washington DC, USA found out that eating chilli and ginger together could help prevent cancer. The compounds in ginger and chilli – capsaicin and 6-gingerol –bind to the same receptor on cells. They fed mice prone to lung cancer either capsaicin or 6-gingerol, or a combination of the two compounds. Mice fed with just capsaicin alone developed lung tumours, while those fed with 6-gingerol also had the disease. Interestingly, a large part of mice fed with both capsaicin and 6-gingerol didn’t develop lung cancer. Scientists are, however, optimistic that future studies will focus more on how exactly the compounds interact to help reduce cancer risk.
Post a Comment
Read more

Meet Ime Archibong; the Nigerian who runs things @Facebook

By
Looking at Facebook’s Director of Strategic Partnerships, Ime Archibong, one sees the figure of a Hollywood honcho; the type who keeps you glued to the tube in a box office thriller-crime movie. With his huge, tall frame sitting on a well built macho body, Archibong could have passed for another Arnold Schwarzenegger or Sylvester Stallion of Rambo fame. The difference, however, is that Archibong plies his trade in Silicon Valley and not in Hollywood. He directs activities at Facebook and not on a movie set. He leads the team focused on accelerating Facebook’s product strategy by establishing partnerships, driving product integrations and unlocking new business opportunities with leading companies across multiple industries and sectors. Call him Zuckerberg’s deputy and you would not be far from the truth, because they seem to be Siamese twins in fashioning new ideas that have transformed Facebook into something much more than a social media initiative. The fact that they are ...
Post a Comment
Read more