Thursday, 1 September 2016

UK set to return Nigeria's stolen assets

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One of President Buhari's campaign promise was to fight and recover stolen funds back to Nigeria.
It seems that will be fulfilled soon as Nigeria and Britain have signed a Memorandum of Understanding (MoU) on the modalities for the return of stolen assets.

The British minister of State for Immigration UK Robert Goodwill signed the agreement with Nigeria's minister of Justice. He noted that there will be no space for stolen assets in UK any more.

In returning the funds, he stated that it was a way of sending a clear message to those who may want to do same in the future and also to discourage them from stealing their countries funds.

This signing comes after an agreement was reached in May in London in an anti corruption summit. Goodwill also stated that 40 jurisdictions including British Territories and crown dependencies will cooperate in giving information on companies,trust,foundations and other relevant and legal arrangements. He outline the objectives of the MoU as stated below:

• both countries recognized the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets.

• the processes of returning stolen assets was a partnership recognizing the interest of both countries and based on mutual understanding, confidence and trust;

• both countries recognized that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again and that both countries recognized they have obligations towards their own citizens for providing such assurances; and

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