Nigeria and Switzerland on Tuesday announced an agreement to return $321 million in public funds stolen by the former military ruler, Sani Abacha.

The agreement came after a meeting in Abuja, between Vice-President Yemi Osinbajo and a Swiss delegation including Swiss foreign minister.

Both countries said the letter of intent to return the money provided a framework to help recover other looted funds by corrupt officials and to determine how it would be spent once repatriated.