President Buhari signs instrument on return of loots with Switzerland


President Muhammadu Buhari is puring further steps for the return of loots around the world to Nigeria and how to manage them. This time, he has signed an instrument with the Swiss Federal Council and the International Development Association on Return, Monitoring and Management of Illegaly-Acquired Assets Confiscated by Switzerland.


He has also signed 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.

These two instruments were signed on Monday, March 26, 2018, following the approval of the Federal Executive Council (FEC). By these instruments, the return of loots from Switzerland and probably other countries would be transparently managed. It would encourage the holding nations to return the loots believing they would not be re-stolen. 

On the one with Singapore, experts believe that with the execution of these instruments, Nigeria’s trade relations with Singapore and income therefrom are expected to rise.

The return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.

(Source: Femi Adesina)