Nigeria, UK Sign MoU On Return Of Stolen Assets

Attorney-General of the Federation, Mr Abubakar Malami, signed on behalf of the federal government in Abuja yesterday

The Federal Government has signed a Memorandum of Understanding (MoU) with the British government on the modalities for the return of Nigeria’s stolen assets.

The Guardian Nigeria report continues:

The Attorney-General of the Federation, Mr Abubakar Malami, signed on behalf of the federal government in Abuja yesterday.

Malami said the pact affected the desire and willingness of both countries to continue cooperation and mutual support 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 recognizing the interest of both countries and based on mutual understanding, confidence and trust.

“That both countries recognized that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again. And that both countries recognized they have obligations toward their own citizens for providing such assurances.

“That both countries recognized the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets,” he said.
He assured the international community that all funds recovered would be judiciously utilized for projects that would benefit the poorest segment of the Nigerian society.

Earlier, the leader of the UK delegation, British Minister of State for Immigration, Robert Goodwill, said 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.

He said 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.