Business
VAIDS: FG To Begin Voluntary Asset Repatriation Scheme

Nigeria is set to partner foreign consultants, comprising legal practitioners and other experts in Switzerland on a voluntary offshore asset repatriation scheme.
This is coming barely one week to the expiration of the Voluntary Assets and Income Declaration Scheme (VAIDS) which was extended to June 30 by President Muhammadu Buhari after the initial grace period lapsed.
The Minister of Justice, Mr Abubakar Malami disclosed this to newsmen in Bern, Switzerland on the sidelines of a meeting held at the Nigerian Embassy.
Malami said that under the scheme, experts would collaborate with the Swiss Government to target funds that have not been identified in ongoing investigations.
It would be recalled that since 2015, $322 million looted funds have been repatriated from Switzerland.
According to Malami, Switzerland has been chosen as the pilot nation for the scheme, given the existing partnership on asset repatriation between both countries.
“The success of the scheme in Switzerland will determine the inclusion of other nations,” the minister said.
He said Nigerian government was also involved in other international repatriation processes, noting the recent tripartite meeting held in the UK between Nigeria, US and the State of Jersey on asset recovery.
Speaking on the utilisation of the repatriated funds, Malami said that the monies were being channelled into various projects, closely monitored by the World Bank and the Swiss Civil Society Organisations.
“In a Memorandum of Understanding (MoU) on Repatriation, signed between Nigeria and Switzerland, there are check mechanisms imbedded in the agreement.
“These checks and balances will see to the effective and transparent utilisation of the monies repatriated.’
“These include monitoring by the world bank, the participation of the Swiss civil society and agreement of targeted projects, especially those related to social investments such as school feeding, entrepreneurial and skill acquisition programmes of the Federal government,” Malami said
He pledged the government’s continued commitment to preventing corruption; legislation, enforcement and recovery strategies in the campaign against corruption.
The minister noted that the Treasury Single Account (TSA) and electronic salary payment scheme (IPPIS) were among measures being applied to block leakages and loopholes in fostering corruption.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
Sports4 days ago
Eagles B Players Admit Pressure For CHAN Qualification
-
Rivers4 days ago
Rivers Judiciary Denies Issuing Court Order Stopping SOLAD from Swearing in RSCSC Members
-
Rivers4 days ago
Group Seeks Prosecution Of Clergy, Others Over Attempted Murder
-
Niger Delta4 days ago
Oborevwori Boosts Digitalisation With Ulesson 500 Tablets To Pupils, Students
-
Business4 days ago
CRG Partner JR Farms To Plant 30m Coffee Seedlings
-
Foods/Drinks4 days ago
What To Know About Your Menu
-
Niger Delta4 days ago
Don Highlights On The Potential Of Groundwater As Hidden Wealth For Sustainable Future
-
Rivers4 days ago
Four Internet Fraudstars Get Different Jail Terms In PH