The Attorney-General of the
Federation, Mr Abubakar Malami, signed on behalf of the Federal Government in
Abuja on Tuesday.
The Federal Government has
signed a Memorandum of Understanding (MoU) with the British Government on the
modalities for the return of Nigerian stolen assets.
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.
NAN
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