The Economic and Financial Crimes Commission, EFCC, on Wednesday in
Austria said it recovered loots totalling N738.9 billion or $2.9 billion
between May, 2015 and October 20, 2017.
Its Acting Chairman, Ibrahim Magu, stated this at the ongoing 7th
Session of the Conference of the States Parties to the United Nations
Convention Against Corruption holding in Vienna.
The spokesperson of the commission, Wilson Uwujaren, gave account of Mr. Magu’s engagement in a statement in Abuja on Wednesday.
In a presentation titled: “International Cooperation in Relation to
Technical Assistance: The Nigerian Experience,” Mr. Magu said the sum
was exclusive of smaller currencies in Durham, CRA and British Pound.
He stated that the commission had made a lot of recoveries locally
using the mechanism of the non-conviction based forfeiture provided
under Section 17 of the Advance Fee Fraud and Other Fraud Related
Offences Act, 2006.
“Within this year alone, the commission recovered stolen assets
running into several millions of US Dollars and billions in naira.
“These include the sum of $43 million recovered from Diezani
Alison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion
spread in seven accounts within three Nigerian banks laundered from the
Federal Capital Territory Police Command Salary Accounts”, he explained.
Mr. Magu, who was said to be a panellist at the Implementation Review
Group attended by over 100 delegates, detailed the Nigerian efforts in
asset recovery.
He said the country had also made progress in specific cases related
to Abacha loot, Malabu Oil, Diezani and associates, and the arms
procurement scandal.
These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.
He said this could be done through the consideration and adoption of
measures that would remove traditional barriers such as bank secrecy in
line with Article 46(8) and dual Criminality Article 46(9) as well as
simplify legal technicalities in the recovery and repatriation of stolen
funds.
He further sought measures to reduce cost of recovery of assets for
developing countries and ensure speedy return of all stolen assets to
victim states in line with the current resolution sponsored by Nigeria.
He also called for sanction and prosecution of any financial
institution that violates AML/CFT measures and the maintenance of a
public register on beneficial ownership.
Meanwhile, Nigeria has received global commendation for its
doggedness in tracing and recovery of its stolen assets, according to
the commission’s spokesman.
Mr. Uwujaren said the commendation came at a meeting between Mr. Magu
and Nassar Abaalkhail, the head of International Collaboration,
National Anti-Corruption Commission, Saudi Arabia.
The meeting, which held on the sidelines of the conference, followed Mr. Magu’s presentation, Mr. Uwujaren said.
He quoted Mr. Abaalkhail as saying that Nigeria’s efforts at loot recovery were remarkable.
“From what I have heard, Nigeria’s effort at asset tracing is
remarkable. Nigeria is indeed a role model for countries, including
developed countries.
“We have so much to learn from Nigeria”, he said.
Mr. Uwujaren said the Iranian National Focal Point for the United
Nations Convention Against Corruption, Mohsen Mardal, also commended the
Nigerian presentation.
Similarly, the Commissioner, Sierra Leone Anti-Corruption Agency, Ady
Macauley, said the EFCC was not only “formidable, but a pride to the
African States”.
“My men were in Nigeria a fortnight ago to understudy your
operations, I must confess, we have a lot to learn in investigation,
prosecution and asset recovery.”
(NAN)