Why UK Can't Return Nigeria's Stolen Funds
03 Feb 2016
http://www.thisdaylive.com/articles/why-uk-can-t-return-nigeria-s-stolen-funds/230940/
* EFCC recovers $2 trillion in 12 years
* CJN considers Administration of Justice Commission
By Adebiyi Adedapo in Abuja
The British High Commissioner to Nigeria, Mr. Paul Arkwright, has described as unjust criticisms against the government of the United Kingdom about unreturned stolen wealth from Nigeria.
He also said the UK government had been supportive of the fight against graft in Nigeria, noting that his home country committed £7million to Nigeria to stamp out corruption in the last five years.
Arkwright, while delivering a keynote address at the first annual conference on combating financial fraud, cybecrime and other cross-border crimes on Tuesday in Abuja, explained that there are legal procedures to observe in returning stolen funds, adding that the government of UK would accelerate the process.
He stated further that the recent actions of UK law enforcement agencies demonstrated that there was no impunity in the UK system.
"I am aware of criticism – unjust though it may be – that the UK has not returned Nigerian stolen assets quickly enough. As you will appreciate, there are legitimate legal hurdles which need to be overcome. But we are looking actively at how we can accelerate that legal process. In any event, recent actions by the UK law enforcement agencies demonstrate clearly that there is no impunity in the UK for those who seek to conceal stolen assets in the UK," he said.
According to Arkwright, UK had in the previous years supported the drafting of legislations against graft in a bid to improve Nigeria's legal framework.
"I have mentioned that in previous years, UK has supported the drafting of anti-corruption legislation. The purpose of this work was to improve Nigeria's legal framework to combat corruption. It is encouraging that President Buhari recently requested the National Assembly to consider and approve the Money Laundering Prevention and Prohibition Bill and the Mutual Legal Assistance bill," he stated.
The high commissioner however advised that other anti-graft legislations should be treated with utmost priority.
"I hope other complementary legislations like a Proceeds of Crime, Nigerian Financial Intelligence Centre and Terrorism Prevention Act will be prioritised in a similar way. The Proceeds of Crime Act legislation will do much to support the process for the return of assets seized outside Nigeria. UK is committed to the return of such assets and officials visited Nigeria last week to discuss this process.
Also, the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), has said the illicit activities of persons who indulge in money laundering has had profound effect on the country's economy.
Malami who delivered a keynote speech at the conference, disclosed that the Economic and Financial Crimes Commission (EFCC) had in the last 12 years recovered $2trillion, adding that similar recoveries were made by other anti-graft agencies including Independent Corrupt Practices and Other Related Offenses Commission (ICPC).
Available reports showed that in the past 15 years, since the establishment of EFCC, more than $2trillion had been confiscated and recovered. Recoveries have also been made ICPC, NAPTIP, NDLEA and DSS," Malami said.
He stated further that the total loss incurred by Nigeria's financial system alone from 2012 to 2014 could be more than N64 billion, pointing out that another area of organised crime in Nigeria was 'illicit funds flow.'
"As you all know, illicit funds transfer has a number of severe effects on a country like Nigeria. It drains the country's foreign exchange reserves, reduces tax base, increase poverty levels, increase insecurity as a potential source of terror funding, and hurts the country's international image," Malami said.
Meanwhile, the Chief Justice of Nigeria (CJN), Mahmud Mohammed, at the conference suggested the establishment of the Administration of Justice Commission, as by the Administration of Justice Commission Act, 1991.
This according to the CJN, would ensure better coordination in the justice sector at the same time guarantee quick and fair dispensation of Justice.
Mahmud noted that Nigeria must devise initiatives that could check the rice of rogue technologies and internet sites which create and encourage crime.
"The justice sector must be better coordinated and develop synergistic avenues for the exchange of information and best practices. To this end, I consider the establishment of the Administration of Justice Commission, as provided for by the Administration of Justice Commission Act, 1991, a priority in our efforts reform. It is time to leave the rhetoric behind and take visible steps forward in this fight against transnational crimes," he said.
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