Federal Government of Nigeria and the British
Government today Tuesday August 30th
signed a Memorandum of Understanding
(MoU) on the modalities for the return of
Nigerian looted assets. The move is a follow
up to the agreement reached at the London
anti-corruption summit in May.
The Attorney-General of the Federation, Mr
Abubakar Malami, who signed on behalf of
the Federal Government in Abuja, noted that
the MoU reflected the willingness of both
countries to continue cooperation and mutual
support.
He outlined the objectives of the MoU to
include the fact that the processes of
returning stolen assets was a partnership
recognising the interest of both countries and
based on mutual understanding, confidence
and trust. That both countries recognised that
they have a mutual interest in ensuring that
returned assets are not at risk of being
misappropriated again.
"And that both countries recognised they have
obligations toward their own citizens for
providing such assurances. That both
countries recognised the importance of
ensuring that the highest possible standard of
transparency and accountability are applied
for the return of assets." Malami said.
He assured the international community that
all funds recovered would be judiciously
utilised for projects that would benefit poor
Nigerians. Leader of the UK delegation, British
Minister of State for Immigration, Robert
Goodwill, said that the MoU provided the
mechanism by which monies could be
returned.
"Our ability to recover and return stolen assets
should send a clear message to all who may
seek to habour such assets that there is no
safe haven in the U.K," he said. "We are keen
to do this as soon as the necessary legal
process allow. As outlined at the summit, we
will be taking steps to accelerate the
procedures for identification and confiscation
of illegally acquired assets."
He said that they were as committed as
Nigeria in ensuring that beneficial ownership
of assets was made available to relevant
authorities so they know who the real owners
of assets held in the UK are.
“Forty jurisdictions, including British Overseas
Territories and Crown Dependencies
announced that they will automatically share
beneficial ownership information relating to
companies, trusts, foundations, Shell
companies and other relevant entities and
legal arrangements. It is important that
everyone can see how returned assets are
used to benefit Nigerians. We have therefore
agreed in this MoU to be fully transparent
about this."
Source: The Nation/ Andrew Fleming
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