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The
President Muhammadu Buhari-led administration is currently discussing
with the United States of America for the repatriation of looted funds.
President Muhammadu Buhari
The Federal Government has revealed plans to adopt a new approach to recover stolen funds stashed abroad.
Minister of Foreign Affairs, Geoffrey Onyeama, who briefed State
House Correspondents at the end of the Federal Executive Council (FEC)
meeting, yesterday, said the approach was to negotiate directly with the
Ministry or Department of Justice of the United States of America or
other judicial agencies in the countries where looted funds from Nigeria
were being kept, instead of hiring expensive lawyers.
He said other countries where the government has been working
assiduously to repatriate stolen funds included the United Arab
Emirates, Germany and Liechtenstein.
He, however, did not say how much money had been stolen from the country so far.
“It’s an ongoing thing, we have been discovering all the time
because you see the sophistication that there is today in hiding money
around the world is amazing, even western countries themselves have a
lot of problems and it takes them a lot of time and they discovered
about the Panama papers. Nobody knew about all those funds illegally
stashed until you suddenly have the revelations under the Panama papers.
So, it’s really an ongoing thing and then new ones coming up all the
time.”
Asked what strategies were being put in place to recover the monies, the Foreign Affairs Minister said: “We cooperated with David Cameron when he was the prime minister of the UK to organise a global conference on anti-corruption.
"You know for a very long period of time, it was not a priority
for industrialised countries to worry about money flowing from
developing countries into their banks because, as far as they are
concerned, they have their own image of rulers of third world countries,
so the president’s strategy was to put it on the front burner for them
to buy into.”
The president had consistently expressed worries that despite
strenuous efforts to retrieve monies stashed away various foreign bank
accounts in Europe and America in particular, their governments were
reluctant to assist in repatriating them.
Buhari is unhappy that the foreign governments were introducing
various technicalities, which have caused a slow down in the effort to
recover the monies.
He is also alarmed that despite the anti-corruption war of his
administration, some governments we reportedly demanding for firm
guarantee that the monies, if retrieved, would not be re-looted by
corrupt officials in the country.
Part of the president’s agenda at the just concluded 72nd United
Nations General Assembly in New York was to seek the cooperation of
world leaders for the repatriation of the looted funds.
On why Buhari’s presentation skewed towards the international
community, Onyeama explained that it was meant for a global audience,
hence contained issues of global concern but, which also had
implications for Nigeria’s wellbeing.
“First and foremost, he was speaking to the international
audience on a global stage and the UN is there for global issues, so I
think its absolutely in order because Nigeria is part of a global
community addressing global issues. But he addressed all those issues
covering also all the things that affect Nigeria as a country. When Mr.
President came in, he outlined three priorities security, governance
anti-corruption and the economy.
“On anti-corruption which is a priority for us he called on the
international community to insist and maintain good governance and he
himself talked about good governance being a priority for this country
and wanted the international community to key into it because we are
looking to these countries to help us get the stolen funds back.”
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