Nigeria, UK sign MoU on return of stolen assets
(Nigeria) 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.
Malami said that this was in the responsible and transparent
return of all recovered assets.
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."
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.
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