Nigeria, UK Sign MoU On
Return Of Stolen Assets
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The Federal Government has signed a
Memorandum of Understanding (MoU)
with the British Government on the
modalities for the return of Nigerian
stolen assets.
The Attorney-General of the Federation
and Minister of Justice, Mr Abubakar
Malami, signed on behalf of the Federal
Government in Abuja on Tuesday.
Malami said that the MoU reflected the
desire and willingness of both countries
to continue cooperation and mutual
support.
He said that this was in the responsible
and transparent return of all recovered
assets.
The minister 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 stated.
He assured the international community
that all funds
recovered would be judiciously utilised
for projects that would benefit the
poorest segment of the Nigerian society.
Earlier, 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.
Goodwill, who is also a member of the
British Parliament, noted that there was
no safe place for stolen assets in the UK.
“Our ability to recover and return stolen
assets should send a clear message to
all who may seek to harbour such assets
that there is no safe haven in the UK,” he
said.
According to him, the British government
was committed to the return of all funds
looted from the Nigerian State.
“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,”
Goodwill added.
He said that his country was 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,” he added.
The signing of the MoU is a follow up to
the agreement reached at the London
anti-corruption summit in May.