A Whopping N90 billion (about $321 million) is on its way to Nigeria, courtesy of the Swiss government, which yesterday signed an agreement to part with the money that has been cooling in the country’s vaults as part of the late Gen. Sani Abacha’s loot.

This brings to nearly N320 billion, the Abacha loot that has been returned to Nigeria.

The Swiss Ambassador to Nigeria, Eric Mayoraz, said the return of the money is because of his country’s commitment to tackling trans-national crimes and fighting money laundering.

Mayoraz stated this during signing a Memorandum of Understanding (MoU) on Mutual Legal Assistance on criminal matters between his country and Nigeria in Abuja yesterday.

He noted: “The text we will now sign marks the starting point into a new era in our common fight against international crime.

“People, goods and money move around easily in today’s world. That is generally a positive thing. Unfortunately, this mobility is not limited to honest people and clean money. Criminals and proceeds of crime profit from it, as well.

“States must thus cooperate in order to fight transnational organised crime, corruption, money laundering, the drug trade, etc.”

He said his country’s government was in the process of repatriating the second batch. The first batch of $722million was repatriated in 2005.

An impressed Minister of State for Foreign Affairs, Hajia Abba Ibrahim, applauded the Swiss government, adding that the released funds will help in the development of the country, adding that the MoU would go a long way to reduce the incidence of money laundering and other cross border crimes.

The idea for the memorandum first came in 2005, according to Ibrahim, who saw the Swiss gesture as a step in helping the war against corruption in the country.

She assured that the Switzerland gesture would foster the relationship between both countries, adding that the funds would be used to improve the living standards of Nigerians.

The Ambassador disclosed that the MoU would remove the impediments that had stalled the repatriation of the huge sum, adding: “Our countries enjoy excellent relations and we cooperate as partners in many fields, on the return of looted assets, migration, human rights, humanitarian assistance and many others.

“Today, we decide to take this cooperation forward to deepen it in the field of judicial cooperation. By signing an MoU in this important area, our two states further strengthen their ties of friendship and cooperation.”