Nigeria and UK sign MoU for the return of looted funds

Federal Government of Nigeria and the British Government today Tuesday August 30th signed a Memorandum of Understanding (MoU) on the modalities for the return of Nigerian looted 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, noted that the MoU reflected the willingness of both countries to continue cooperation and mutual support.

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." Malami said.

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 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."

Source: The Nation/ Andrew Fleming