The Federal Government on Tuesday has signed a Memorandum of Understanding (MoU) with the British Government on the modalities for the return of Nigerian stolen assets. The move is a follow up to the agreement reached at the London anti-corruption summit in May.
The Attorney-General of the Federation, Mr Abubakar Malami, who signed on behalf of the Federal Government in Abuja, said that the MoU reflected the desire and willingness of both countries
to continue cooperation and mutual support.
Malami 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.
He said; “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 assured the international community that all funds recovered would be judiciously utilised for projects that would benefit poor Nigerians. 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.
“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. “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
“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.”
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