FG assures of judicious application of recovered assets

The Federal Government has assured that stolen assets recovered from both within and outside the country will be put to judicious uses and will not be re-looted by anyone.

Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN) gave this assurance while speaking in Abuja Tuesday.

The occasion was the signing of a memorandum of understanding between the governments of Nigeria and the United Kingdom (UK) on modalities for the return of stolen assets.

Malami, who commended the UK for its willingness to cooperate with the country in the area of recovery and return of assets stolen from Nigeria, said the Nigerian government will endeavor to prevent further looting of the nation’s wealth.

The AGF, who frowned at alleged moves by some “individuals to use the process of asset recovery to create reputational damage for the government,” said all measures adopted since he assumed office in November last year have been aimed at “effective and efficient assets recovery.”

He said: “Today, we are determined to change the narrative regardless of who is involved. I want to assure the international community that all funds recovered within and outside Nigeria would be judiciously utilized for projects that will benefit the poorest segment of the Nigerian society as well as enable us support reform in the justice sector.

“The position of the law in Nigeria today is that all funds recovered should be paid directly into the Consolidated Revenue Account. Unfortunately that has not always been the case under the previous administration,” he said.

The AGF said the current administration was committed to enacting laws, including the Proceeds of Crime Bill, to strengthen existing anti-corruption institutions, prosecution authorities and law enforcement agencies.

Leader of the UK delegation and UK’s Minister of State for Immigration, Robert Goodwill said the signing of the memorandum was in furtherance of his country’s promise, at the last Anti-Corruption summit held in London in May, to improve the process of the return of looted assets.

He said by this gesture, his country’s government was sending a loud message to all that the UK was no longer a safe haven for stolen assets, including looted funds.

Goodwill, who was silent on the worth of Nigeria’s looted assets currently in his country, said the UK government was “committed to return all funds looted from the Nigerian State and we are keen to do this as soon as the necessary procedures allow.”

He said aside the UK, f40 other jurisdictions, including British Overseas Territories and Crown Dependencies are willing to automatically share beneficial ownership information relating to companies, trusts, foundations and other relevant entities and legal arrangements.

Goodwill, a Member of Parliament (MP), said: “This MoU provides the mechanism by which monies can be returned. Our ability to recover and return stolen assets should send a clear message to all, who may seek to harbour such assets overseas, that there is no safe haven in the UK.”