Skip to main content

Nigeria, UK Sign MoU On Return Of Stolen Assets

President Buhari as he departs Nairobi Kenya for Abuja after participating at the 6th Tokyo International Conference on African Development (TICAD VI) in Nairobi Kenya 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.

Popular posts from this blog

The Lantern of the Photuris Firefly

THE lantern, or light organ, of a particular Photuris firefly is covered with jagged scales that dramatically enhance the brightness of the light that the insect produces.   * Jagged scales Consider: Researchers have found that tiny scales on the lantern surface of some fireflies form a corrugated pattern, somewhat like overlapping shingles or tiles. The scales tilt up at one end by just 3 micrometers —less than one twentieth the thickness of a human hair. Yet this tiny tilt lets the lantern shine almost 50 percent more brightly than it would if the scales formed an even surface!
Read more

An Overview of Indonesia

Land  Straddling the equator between Australia and continental Asia, Indonesia is the world’s largest archipelago. Most of its more than 17,500 islands feature rugged mountains and dense tropical forests. With more than 100 active volcanoes, it is also the most active volcanic region on earth.
Read more

PORTRAITS FROM THE PASTIgnaz Semmelweis

IGNAZ SEMMELWEIS may not be a household name, yet his work has benefited most modern families. Born in Buda (now Budapest), Hungary, he received his medical degree at the University of Vienna in 1844. On taking up his post as assistant to a professor at the First Maternity Clinic of Vienna’s General Hospital in 1846, Semmelweis faced an appalling reality —more than 13 percent of the women giving birth there died from a disease called childbed fever. Various theories as to the cause of this disease had been proposed, yet no one had solved the mystery. All attempts to reduce the mortality rate proved futile. Troubled by the spectacle of numerous mothers suffering a slow, agonizing death, Semmelweis determined to find the cause of the disease and prevent it.
Read more