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, 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.
The MoU includes the fact that the processes of returning stolen
assets was a partnership recognizing 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.” He gave the assurance to 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 habour such assets that
there is no safe haven in the U.K,” he said.
According to him, the British
government is 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.”
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.” The signing of the MoU is a follow up to the agreement
reached at the London anti-corruption summit in May.
