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Switzerland will return to Nigeria about $321m (£239m) of government money looted by former military ruler Sani Abacha, following a memorandum of understanding signed by the two governments .

In a statement, the Swiss government said:

“In accordance with policy on repayment of national assets taken illegally, Switzerland has agreed with Nigeria and the World Bank to return nearly $321m for the benefit of the Nigerian people."

Abacha is suspected to have embezzled $2.2bn from Nigeria's central bank in what the United States has called "brazen acts of kleptocracy" during his rule from 1993 until his death in 1998.

Nigeria's President Muhammadu Buhari has been pressing foreign governments to return stolen money stashed in their countries.

Mr Buhari took office in 2015 on a pledge to fight corruption.