President Muhammadu Buhari has taken a further step to recover illegally acquired assets, including monies, taken to Switzerland and other countries by compromised public officeholders. The President on Monday signed a Memorandum of Understanding (MoU) with Swiss government and International Development Association in a bid to secure their assistance in the recovery process.
According to NAN, the MoU is on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland.
The report also said the President signed the Instrument of Ratification of the Agreement between the Nigeria and Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.
Speaking after the MoU was signed, Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, said the signing of the instruments followed the approval of the Federal Executive Council (FEC).
“The first one is 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 (MoU) 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,’’ he added.
