Buhari seeks repatriation of loot, signs agreement with Switzerland

President Muhammadu Buhari on Monday signed the instrument of
ratification of a Memorandum of Understanding among Nigeria,
Switzerland and the International Development Association that will
lead to the repatriation of illegally-acquired assets to
Nigeria.

The Special Adviser to the President on Media and Publicity, Mr.
Femi Adesina, disclosed this in a statement made available to
journalists.

According to Adesina, the MoU will ensure the return, monitoring
and management of illegally-acquired assets confiscated by
Switzerland and to be returned to Nigeria.

The presidential spokesman said the signing of the agreement
would boost the current administration’s anti-corruption drive and
also provide additional funds for the development of the nation’s
critical infrastructure.

He said the President also signed the instrument of ratification
of the agreement between Nigeria and Singapore for the avoidance of
double taxation.

Adesina said the President signed he two instruments following
earlier approval by the Federal Executive Council.

The statement read, “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.

“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 therefrom 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.”

President Muhammadu Buhari on Monday signed the instrument of
ratification of a Memorandum of Understanding among Nigeria,
Switzerland and the International Development Association that will
lead to the repatriation of illegally-acquired assets to
Nigeria.

The Special Adviser to the President on Media and Publicity, Mr.
Femi Adesina, disclosed this in a statement made available to
journalists.

According to Adesina, the MoU will ensure the return, monitoring
and management of illegally-acquired assets confiscated by
Switzerland and to be returned to Nigeria.

The presidential spokesman said the signing of the agreement
would boost the current administration’s anti-corruption drive and
also provide additional funds for the development of the nation’s
critical infrastructure.

He said the President also signed the instrument of ratification
of the agreement between Nigeria and Singapore for the avoidance of
double taxation.

Adesina said the President signed he two instruments following
earlier approval by the Federal Executive Council.

The statement read, “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.

“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 therefrom 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.”