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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 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.
Here are 6 important things every Nigerian should know about the deal...
- both countries recognised that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again.
- both countries recognised they have obligations toward their own citizens for providing such assurances.
- both countries recognised the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets.
- all funds recovered would be judiciously utilised for projects that would benefit the poorest segment of the Nigerian society.
- 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.
- 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.
The signing of the MoU 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, 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.
Here are 6 important things every Nigerian should know about the deal...
- both countries recognised that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again.
- both countries recognised they have obligations toward their own citizens for providing such assurances.
- both countries recognised the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets.
- all funds recovered would be judiciously utilised for projects that would benefit the poorest segment of the Nigerian society.
- 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.
- 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.
The signing of the MoU is a follow up to the agreement reached at the London anti-corruption summit in May.
