The Chairman of Nigeria’s Anti-graft Agency, the Economic and Financial Crimes Commission EFCC Mr. Ola Olukoyede has called for urgent and unconditional return of Nigerian stolen assets stashed in foreign countries.
He made the call at the 10th session of the Conference of State Parties COSP, to the United Nations Convention Against Corruption, UNCAC, held at the Georgia World Congress Centre, Atlanta, United States of America.
Olukoyede said, the return of stolen assets warehoused in foreign countries, has become imperative for the growth of the economy and expansion of frontiers of development within and outside Nigeria.
He warned that economic and financial crimes have become transnational crimes and no nation serving as a custodian of stolen assets should hold on to them.
“We need the cooperation of all the countries that are custodians or in charge of warehousing all these stolen assets from Africa. It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption.”
Olukoyede noted that, “When you look at corruption, it has become a transnational crime. If you are holding on to those assets, you are creating very difficult legal hurdles in recovering those assets. You are indirectly encouraging the perpetrators of the crimes we are talking about. And when you encourage it in Africa, it has a tendency of affecting you too, because the kind of financial crimes we are talking about have become global in nature.”
The EFCC’s boss, in a presentation made before a global audience on asset recovery efforts and successes of Nigeria so far, pointed out that Nigeria had “Probably done much more than any other country, perhaps the whole world, in the area of asset recovery.
“We have been able to achieve something because of the legal and regulatory framework that the government of Nigeria has been able to put in place”.
He listed measures already taken to include, the enactment of the Proceeds of Crimes (Prevention and Prohibition) Act, 2022, use of extant laws on civil forfeiture of assets, banking reforms mandating bank customers to have a Bank Verification Number, BVN, for all transactions and the professional activities of the EFCC and other anti-corruption agencies to trace, investigate and prosecute ill-gotten assets within and beyond Nigeria.
Olukoyede reiterated the need for the global community to support Nigeria’s efforts towards asset recovery.
“We will only be able to see you as a friend if you are willing to support us in recovering such assets that have been traced to your jurisdiction”.
He applauded the courage and commitment of President Bola Ahmed Tinubu in driving the asset recovery initiatives of the EFCC and other anti-graft agencies and assuring the world that stronger financial discipline is now in place in Nigeria.
“President Asiwaju Bola Ahmed Tinubu has promised the whole world that we are ready to run our financial system in Nigeria in such a way that is transparent and responsible”.
Earlier in an address, the Country Director, the United Nations Office on Drugs and Crime in Nigeria, Mr. Oliver Stolpe, lauded Nigeria on its asset recovery efforts, describing her as “World’s champion in asset recovery”.
“Nigeria in many ways has been leading the asset recovery efforts on the African continent and I like to refer to Nigeria as the world’s champion in asset recovery because, certainly in African comparison, you have more cases and recovered large amounts”.
