By Kunle Sanni
The Nigerian government has
recovered over $700 million
(about N288 billion) stolen funds
stashed in foreign countries in the
past four years, the Attorney
General of the Federation and
Minister of Justice, Abubakar
Malami, has said.

He said the recoveries were made
possible through “proactive and
collaborative” efforts of foreign
nations such as the United States,
the United Kingdom, Bailiwick of
Jersey, Switzerland, and Ireland.

Mr Malami spoke on Tuesday at
the International Conference on
Illicit Financial Flow (IFF) and
Asset Recovery organised by the
Independent Corrupt Practices and
Other Related Offences
Commission (ICPC).

He disclosed that developing
countries in Africa lost over $148
billion to corruption annually
partly due to IFFs.

“Nigeria, through proactive and
collaborative efforts with other
countries has recovered and
ensured the return of over $700
million from the United States, the
United Kingdom, Bailiwick of
Jersey, Switzerland, and Ireland in
the past four years.

“We are still working with our
international partners and other
countries to ensure that all
Nigeria’s assets that are identified
are recovered,” he said.

Mr Malami had also, on Tuesday,
said that the country had received
a fresh £4.2million (at
N2.9billion at unofficial exchange
rate) from the United Kingdom
recovered from the convicted
former Governor of Delta State,
James Ibori’s associates and family
members.

His spokesperson, Umar Gwandu,
disclosed this in a statement sent
to journalists.

Many Nigerians have, however,
repeatedly expressed concerns
about the true state of the
recovered loot and its transparent
utilisation especially as the
government junkets around the
globe to borrow funds.

For instance, the Socio-Economic
Rights and Accountability
Project (SERAP) in August 2020,
sued President Muhammadu
Buhari over failure to “disclose
information and documents
relating to the names of people
from whom N800 billion in looted
public funds have been recovered,
specific dates of the recovery, and
details of projects on which the
money has been spent.”

Worries over IFF
Meanwhile, at the conference, Mr
Malami, who was represented at
the virtual conference by the
Senior Special Adviser to the
President on Justice Sector
Reforms, Juliet Ibekaku-Nwagwu,
expressed worries that IFFs have
become rife and growing at 20.2
per cent annually in Africa
because of weak national and
regional capacity to stem the tide.

He lamented that the illicit
movement of huge funds out of
Africa had resulted in
underdevelopment and insecurity
across the continent.

“No doubt, the impact of such
criminal flow of funds means lack
of health and education services,
low levels of growth, high level of
poverty and lack of infrastructure
in many African countries.”

The minister also said the
government was using different
mechanisms, including a
voluntary asset declaration
process approved by President
Buhari in Executive Order 008.

He said, “In this way, we believe
that if Nigerians or Nigerian
entities come forward to declare
their assets wherever located, the
government will apply a levy
against those assets.

“And also bring the assets within
the tax regime. We are also
considering different ways to
apply non-conviction based
procedures in asset recovery to
make it less cumbersome and to
reduce the time spent in court.

“The focus of law enforcement
should be to move towards
contemporary developments in
international law–one of which is
to move against assets that are
illicit with or without a criminal
conviction, especially where there
is a voluntary declaration, a plea
bargain or where the person in
question has absconded.

In his remarks, the ICPC
Chairman, Bolaji Owasanoye,
noted that the effect of IFFs on
developing countries in Africa was
huge.

He stressed that the need to
tackle the menace, which falls
under the mandate of the
commission, had become
paramount in order to shore up
the dwindling revenue of the
federal government.

He said, “Estimates of the
quantum of IFFs lost globally vary,
but it is generally agreed that a
significant proportion of the loss is
suffered by developing countries.

African countries are particularly
affected by loss through IFFs thus
depriving the continent of much-
needed resources for
development.”

Foreign minister weighs in
Also speaking at the conference,
the Minister of Foreign Affairs,
Geoffrey Onyeama, who was
represented by the Permanent
Secretary of the Ministry, Gabriel
Aduda, said the ministry was
working assiduously to ensure the
return of stolen funds and assets to
Nigeria.

Mr Onyeama said IFFs are
responsible for many of the
country’s societal ills and
underdevelopment, adding that
the federal government had put in
place measures to block illicit
outflows of funds.

He said, “Illicit Financial Flows
deny developing countries of vital
resources that belong to them;
resources that should have been
spent on their development
priorities. It reduces tax revenues,
hinders development endeavours,
undermines constituted
authorities and threatens the
stability and sustainable
development of all affected states.

“IFFs also provide the financial
network that supports terrorist
activities, fuels conflict and leads
to internal displacement and
refugee conditions, divert money
from public priorities and
hampers government effort to
mobilise domestic resources.

“The most effective deterrent
remains to ensure that proceeds of
IFFs are recovered and returned to
countries of origin. It is for this
reason that the government of
Nigeria will continue to call on
leaders whose countries are the
main destination for IFFs to take
concrete steps to prevent and stop
the receipt of such funds into their
countries, assist in tracing,
freezing, seizing and returning
illicit assets and its proceeds,
already in their countries.”

The minister reiterated that
Nigeria will not succumb to any
stringent condition as it fights to
ensure the return of funds and
assets stolen from the country by
corrupt people.

According to him, “Let me also
add that any imposition of tough
conditions for returning proceeds
of illicit origin, in the face of the
current financial difficulties and
the economic hardship and
recession occasioned by the
rampaging impact of COVID-19
pandemic would be counter-
productive. I, therefore, encourage
representatives of countries of
destination to consider waiving, or
reducing to the barest minimum,
the processes and costs of
recovery.”

Anti-corruption activist
speaks
In his contribution, Olanrewaju
Suraj, Chairman, Human and
Environmental Development
Agency (HEDA) said the political
will of African states was
important in stemming the tide of
IFFs, while suggesting serious and
aggressive combat of the menace.
Mr Suraj, who said that some
governments in Africa had shares
in the big companies that engage
in IFFs thereby slowing down the
progress of stopping it, charged
victim countries to challenge
beneficiary countries as
encouragers of IFFs.

He suggested that law enforcement
agencies and the civil society
organisations of victim states
should collaborate with their
counterparts in beneficiary states
to be able to exert enough
pressure.
https://www.premiumtimesng.com/news/headlines/462555-nigeria-government-recovers-looted-700m-from-foreign-countries-in-four-years-malami.html

Same thieves telling us about this money will reloot it and take it back to UK and US to store again....


.This country isn't worth the stress.....

Yet u still keep borrowing

Still trying to blame past admin for woes. This admin is a cataclysmic one.

That's good to know. Keep it up

temitope27:
Yet u still keep borrowing

very funny. This govt ee! mynd44