Nigeria Government has recovered over $700m looted funded funds in 4 years.
Gatekeepers News reports that Nigeria’s Attorney-General of the Federation and Minister of Justice, Abubakar Malami on Wednesday said over $700 million cash looted from the country, has been recovered from United States (U.S.), the United Kingdom (UK), Bailiwick of Jersey, Switzerland and Ireland in the last four years.
Malami revealed this at the International Conference on Illicit Financial Flows (IFFs) and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The Minister, represented by Senior Special Adviser to the President on Justice Sector Reforms, Juliet Ibekaku-Nwagwu, said: “Nigeria, through proactive and collaborative efforts with other countries has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years.
“We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”
Gatekeepers News that Malami said the Federal Government is making plans to ensure the recovered assets are deployed to the advantage of every Nigerian by funding social development programmes and infrastructure.
African developing countries lose over $148 billion to corruption yearly, according to the Minister who attributed it majorly to Illicit Financial Flows (IFFs).
Malami said the illegal transfer of large funds out of Africa has resulted in underdevelopment and insecurity across the continent.
“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries,” he stated.
On the need to proffer a multilateral approach, the Minister said: “There is no doubt that international and regional cooperation is key in achieving this goal as no one country can do it. Therefore, we must all work together.
“This is what the Financial and Accountability, Transparency and Integrity (FACTI) Panel’s report released in February 2021 is telling us.
“How we meet the recommendations of the panel in order to achieve the 2030 Agenda for Sustainable Development is a global and regional challenge.”
Gatekeepers News reports that the Foreign Affairs Minister, Geoffrey Onyeama also assured that the ministry is working assiduously to secure the return of stolen funds and assets to Nigeria.
Onyeama was represented by the Permanent Secretary of the ministry, Ambassador Gabriel Aduda, who also insisted that IFFs were responsible for many of the societal wrongs and underdevelopment confronting the country.
“Illicit Financial Flows deny developing countries of vital resources that belong to them; resources that should have been spent on their development priorities. It reduces tax revenues, hinders development endeavours, undermines constituted authorities and threaten the stability and sustainable development of all affected states.
“IFFs also provide the financial network that supports terrorist activities, fuels conflict and leads to internal displacement and refugees conditions, divert money from public priorities and hampers government effort to mobilise domestic resources,” Onyeama said.
On his part, ICPC Chairman, Prof. Bolaji Owasanoye said the impact of IFFs on developing countries in Africa was enormous.
He said the need to stop the menace, which falls under the mandate of the Commission, has become eminent to support the dwindling revenue of the Federal Government.
“Estimates of the quantum of IFFs lost globally vary but it is generally agreed that a significant proportion of the loss is suffered by developing countries.
“African countries are particularly affected by loss through IFFs thus depriving the continent of much-needed resources for development,” Owasanoye said.
