The Federal Government of Nigeria and that of the United Kingdom (UK), has set out the guidelines that will govern the procedure for the return of stolen assets in a prompt and timely manner from the United Kingdom.
The Honourable Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), revealed this during the signing ceremony of the Memorandum of Understanding (MoU) between the governments of Nigeria and the UK, bordering on the modalities for the return of stolen assets from the United Kingdom.
Malami explained that the MOU reflected the strong desire and willingness of both countries to continue cooperation and mutual support in the return of all recovered assets.
He noted that the objective of the MOU depicts that the process of returning stolen assets was based on mutual understanding, confidence and trust, as both countries recognize that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated.
“Furthermore, the fundamental purpose of asset return process was to enable those funds that had been grossly misappropriated be applied to either fund the same project or new ones as may be determined by the Nigerian government.
“All the procedure aimed towards effective and efficient asset recovery adopted under my office since I assumed office in November 2015 had been transparent and we are always willing to give account of all our activities to the Nigerian public”, he said.
According to him, the position of the law in Nigeria today is that all funds recovered must be paid directly into the consolidated revenue account.
He lamented that this ideal situation was not upheld by the previous administration; promising the international community that all funds recovered must be well utilized.
In his remarks, the leader of the UK delegation who doubles as Member of Parliament and Minister of State for Immigration, Robert Goodwill hinted that, the MOU provides the mechanism which monies can be returned.
“Our ability to recover and return stolen assets should send a clear message to all who seek to abhor such assets overseas that there is no safe haven in UK. My government is fully committed to the return of all funds looted from the Nigerian State and we are keen to do this as soon as the necessary legal process are allowed”, he stated unequivocally", he noted
He further stressed UK's commitment as is Nigeria, to ensure that beneficial ownership of asset is made available to relevant authorities so they know whom the real owners are of assets held in UK.
Robert also revealed that 40 jurisdictions including British Overseas’ territories and crown dependencies had announced that they will automatically share beneficial ownership information relating to Companies, Trusts, Foundations, Shell Companies and other relevant entities and legal arrangements.
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