Nigeria’s Justice Minister Advocates Global Support on Illicit Financial Flow

Nigeria’s Attorney General and Minister of Justice, Abubakar Malami, SAN has stressed the imperative of international support and cross-border collaboration in implementing measures to combat illicit financial flows.

Malami made the statement at the high-level side event of the 77th session of the United Nations General Assembly in New York USA.

The side event was organised by the African Peer Review Mechanism, APRM of the New Partnership for Agricultural Development NEPAD and conomic and Nigeria’s Anti-graft Agency, the Financial Crime Commission EFCC

with the theme, “food security response: combating illicit financial flows and securing assets returns for sustainable development”.

According to the Minister, “transformative solutions to the thorny issues of International Financial Follows, IFFs, looting, internet-related crimes and other threats to global economic growth and development, necessarily require international collaboration and cross-border cooperation of all stakeholders”.

The Attorney General recall that in response to the threat posed by IFFs, the United Nations General Assembly, since its 72nd Session, placed the “promotion of international cooperation to combat illicit financial flows and strengthen good practices on assets return to foster sustainable development” on its agenda item 16 (d).

He noted that African Continent bears the major consequences of IFFs, which has continued to derail its journey towards the African Union’s Agenda 2063 that envisions “An integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force in the international arena.”

According to Malami,  “the vision, can only be realized when the key to life, ‘nourishment’ is guaranteed and secured maintaining that “tackling illicit financial flows, by blocking  leakages and recovery of looted assets, will open the door to releasing the much-needed investment in productive sectors, inclusive of food security”.

Malami noted that, Nigeria has demonstrated the workability of application of returned looted assets for sustainable development.

He said In 2017, the $322 million recovered looted assets from Swissland laid the solid foundation of getting 100 million Nigerians out of poverty through the social Invesment programs that include national homegrown school feeding program, government enterprise and empowerment program, N-power job creation and youth empowerment program and national social safety Net program, amongst others.

Food Security Response

Malami explained that Food Security Response was placed on top of Africa’s 2022 agenda to align with the Global Sustainable Development Goal “to end hunger, achieve food security and improve nutrition and promote sustainable agriculture” by 2030.

He noted that crisis experienced in the globe as well as onslaughts of terrorism and criminality continued to exacerbate challenges to world peace posed by starvation, malnutrition, diseases, climate change which he said continue to contribute to a worsening global economy.

He said, “Indeed, these challenges are truly interlocking and have put our collective ability to devise innovative solutions to the test”. 

While highlighting the nexus between illicit financial flows and food security, Malami cited reports from law enforcement agencies especially the Economic and Financial Crimes Commission, EFCC that showed that IFFS undermine efforts to development including food security.

He said that the Nigerian Government has put in place laws and frameworks to address IFFs through the signing of Money Laundering Prevention and Prohibition Act, (2022), this year by President Muhammad Buhari.

Confidence Okwuchi