• Home
  • News
    • National News
    • State News
  • Business
  • Features
    • Insight
    • Opinion
  • FAAC
  • Financial
    • Facts & Figures
    • Monetary
    • Tax Matters
  • Sidelines
  • Profile
  • Special Focus
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
Monday, June 5, 2023
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Economic Confidential
  • Home
  • News
    • AllNational NewsState News
      President Bola Ahmed Tinubu and wife, Oluremu Tinubu

      48 Hours After Assuming Office, Tinubu Yet to Make Official Appointments

      Founder of FCMB, Late Chief Olasubomi Balogun

      FCMB Founder, Subomi Balogun, is Dead

      VP Elect, Kashim Shettima Inspecting a School in 2017

      VP-Elect Shettima Inspecting School Project, Not Meeting with Bandits in Video,…

      Nigerian Customs Service, NCS

      NCS Intercepts 2,428 Litres of Petrol

  • Business
    • Asiwaju Bola Ahmed Tinubu

      Subsidy Removal: We must do Soul-Searching on Minimum Wage – Tinubu

      nigeria celebrity endorsement mtn airtel, etisalat, glo

      Telcos Issue Banks Disconnection Notice over N120bn USSD Debt

      Inflation: Nigerians’ Household Consumption Declines in 2022 – NBS

      Reps Approve $700m Disbursement Fund to Maritime Operators

      Nigerian Customs Service

      World Bank, Customs Partner to Improve Trade Compliance

  • Features
    • AllInsightOpinion
      Nigeria's Team at GITEX, Morocco

      GITEX Africa And Nigeria’s Phenomenal Display Of Innovation By Mubarak Umar

      Asiwaju Bola Ahmed Tinubu

      The Person Needed for President Tinubu’s NSA By Yushau A….

      Fuel Subsidy

      Fuel Subsidy: The Genesis and Nemesis, by Adedamola Adetayo

      President Bola Ahmed Tinubu

      President Tinubu: Please Review Subsidy Removal, by Aliyu U. Tilde

  • FAAC
    • FAAC

      Akwa Ibom, Rivers, Delta Lead As States Share N9.3trn In Three…

      FAAC

      FAAC: FG, States, LGAs Share N722.677 for February

      FAAC

      Kano, Lagos, Get Massive Share As LGs Share N2trn

      FAAC

      FG, States, LGCs Share N990.189bn In Dec 2022

      FAAC

      FAAC Shares 902.053 billion for November

  • Financial
    • AllFacts & FiguresMonetaryTax Matters

      Reps Bill: RMAFC to Probe Illegal Salaries

      President Bola Ahmed Tinubu

      Tinubu Inherits Over N16trn Uncompleted Projects

      Director General of DMO, Patience Oniha

      DMO Canvasses Revenue Growth, Spending Cuts

      Insurance

      Insurance Sector Shrinks By 7% Over Cash Crunch – NBS

  • Sidelines
    • Saliu Mustapha

      Visit Kwara: Saliu Mustapha Pens Foreward For New Book Spotlighting Kwara…

      Apple Data Breach: Marketing Strategy or Security Issue

      Dangote-BUA Sugar Scarcity Feud

      Google: Expanding 2-Step Verification Enrollment

      SAEMA Awards 2021: Submit Nominees for Security and Emergency Management Awards

  • Profile
    • PHOTOS: PRNigeria Ladies Bag Double 2023 SABRE African PR Awards in…

      Yusuf Alli @60: Unveiling an Investigative Journalist Par Excellence

      Pantami’s grand exposés on Cybersecurity and the Datafication of Society

      The Inimitable Kongi at 88

      The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo

      Adeniyi Adebayo: Unsung, Silent Strides in Economic Diversification

  • Special Focus
    • imported Foreign Rice

      REVEALED: How Illicit Rice Importation is Threatening FG’s Agricultural Sector Interventions

      An abandoned mining site in the Barkin Ladi area of Plateau state

      Abandoned mines: A Danger to Communities Across Nigeria

      Maraba Takushara Community

      SPECIAL REPORT: Maraba Takushara, an FCT Community Under Siege… So Close…

      Yahaya Bello’s Health Initiatives: Building Nigeria of his Dreams in Kogi

      Model Science Secondary School: Yahaya Bello’s Gift to Future Generations

Home Financial Monetary $700m Looted Funds Returned In 4 yrs; Nigeria Receives £4.2m Recovered From...
  • Financial
  • Monetary

$700m Looted Funds Returned In 4 yrs; Nigeria Receives £4.2m Recovered From UK — Malami

By
Economic Confidential
-
May 19, 2021
Attorney-General of the Federation, Abubakar Malami (SAN)
Attorney-General of the Federation, Abubakar Malami (SAN)
FIRS

$700m Looted Funds Returned In 4 yrs; Nigeria Receives £4.2m Recovered From UK — Malami

 

 

 

The Federal Government recovered $700 million looted funds in the last four years, even as it just received the £4.2 million taken from Delta State’s treasury by an ex-governor of the state from the United Kingdom.

The Attorney-General and Minister of Justice, Abubakar Malami, who disclosed this during a virtual international conference on Illicit Financial Flows, IFF, yesterday, said: “Nigeria, through proactive and collaborative efforts with other countries, has recovered and ensured the return of over $700 million from the US, the UK, Bailiwick of Jersey, Switzerland, and Ireland in the past four years.

“We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”

The minister said the government was using different mechanisms, including voluntary asset declaration process approved by President Buhari in Executive Order 008. “In this way, we believe that if Nigerians or Nigerian entities come forward to declare their assets wherever located, the government will apply a levy against those assets and also bring the assets within the tax regime.

“We are also considering different ways to apply non-conviction based procedures in asset recovery to make it less cumbersome and reduce the time spent in court,” he added.

Malami also said the government of the United Kingdom had repatriated to Nigeria, the sum of £4.2million looted by associates and family members of a convicted former governor of Delta State. He confirmed receipt of the looted fund in a statement signed yesterday by his Special Assistant on Media and Public Relations, Dr. Umar Gwandu.

The AGF said the money was credited into the designated Federal Government’s account, with the naira equivalent value of the amount as of May 10, 2021. He had earlier signed a Memorandum of Understanding for the repatriation of the loot, on behalf of the Federal Government.

“The development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian assets, in the execution of public oriented projects,” Malami said. The AGF had on May 3, pledged that his office and other relevant government agencies would keep the general public informed once the loot was received and confirmed.

He revealed that transfer of the fund to Nigeria was temporarily delayed by documentation processes. “Documentations with the banks in different countries often take longer than anticipated. “We anticipated two weeks but we are not in control of the banks,” Malami had stated, assuring that the federal government would ensure that the fund was successfully transferred to Nigeria.

“Documentations with the banks in different countries often take longer than anticipated. “We anticipated two weeks but we are not in control of the banks,” Malami had stated, assuring that the federal government would ensure that the fund was successfully transferred to Nigeria.

At the illicit financial flow conference, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had in her address, gave an insight into how illicit finance flowed out of Nigeria and other African nations, saying illegal export of foreign exchange, corruption, abusive transfer pricing, mis-invoicing of services and under-invoicing of natural resources provided avenues for money to leave the continent illegally.

She said that unless checked, the practice would continue to undermine Africa’s development efforts.

In the message delivered on her behalf by the Permanent Secretary, Shehu Aliyu Shinkafi, the minister said corporate organizations were responsible for about 65 per cent of IFFs in Nigeria through various forms of financial infractions and tax evasion.

She said: “In Nigeria and across the African continent, we continue to suffer various forms of IFFs, including tax evasion and other harmful tax practices, the illegal export of foreign exchange, abusive transfer pricing, trade mispricing, mis-invoicing of services, illegal exploitation and under-invoicing of natural resources, organized crimes, and corruption.

”The effects are being especially felt given the ongoing COVID-19 pandemic and the resultant deepening of fiscal constraints and public financing gaps. “In particular, commercial activities (particularly aggressive tax avoidance and tax evasion, through trade mis-pricing, abusive transfer pricing, profit shifting and tax arbitraging) account for approximately 65% of illicit financial flows across Africa.

“Illicit Financial Flows, IFFs, unless checked, would continue to significantly erode domestic revenues, enable corruption, threaten economic stability and sustainable development, divert money from public priorities and hamper Government’s efforts to mobilize domestic resources and recover better.”

In his remarks, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Prof Bolaji Owawanoye, said illicit financial flows constituted a major threat to the actualization of the Sustainable Development Goals, SDGs, or Agenda 2030.

According to him, his team at the ICPC would continue to work towards ensuring inter-agency collaboration to check corruption in the country and help recover stolen assets, in the interest of the public. In his goodwill message, the Minister of Foreign Affairs, Mr. Geoffrey Onyeama, charged leaders of IFF destination countries to take every necessary step to stop criminals from finding safe haven in such countries.

The message, which was delivered by the Permanent Secretary of the Ministry, Amb. Gabriel Aduda, also dwelt on the need to ensure the return of IFF assets back to their countries of origin and be utilized for the good of the people.

He said: “Nigeria is working to strengthen institutions to prevent our resources from flowing out illegally. Nevertheless, by far, the most effective deterrent remains ensuring that the proceeds of illicit financial flows are traced, recovered and returned to countries of origin.

”In other words, ability to retrieve the stolen assets has the ability to deter perpetrators, rebuild the confidence of the citizenry, and compensate for the damage caused by such crimes.

“It is for this reason that the Government of Nigeria will continue to call on leaders whose countries are the major destinations for illicit financial flows to take concrete steps to prevent and stop the receipt of such funds into their countries, and to assist in tracing, freezing, seizing and returning illicit assets and its proceeds, in their countries.

“Let me also add that any imposition of tough conditions for returning proceeds of illicit origin, in the face of the current financial difficulties and the economic hardship and recession occasioned by the rampaging impact of COVID-19 pandemic, would be counter-productive. ”I, therefore, encourage representatives of countries of destination to consider waiving, or reducing to the barest minimum, the processes and costs of such recovery.”

The minister, who described IFF as an international problem that required a global solution, said: “Let me further emphasize at this point, that illicit financial flow is an international problem that must be addressed globally.”

VANGUARD

guest blogging sites that pay

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

PRNigeria.com
EconomicConfidential.com
PRNigeria.com/Hausa
EmergencyDigest.com
PoliticsDigest.ng
TechDigest.ng
HealthDigest.ng
SpokesPersonsdigest.com
TeensDigest.ng
ArewaAgenda.com
Hausa.ArewaAgenda.com
YAShuaib.com
  • TAGS
  • $700 million
  • Abubakar Malami
  • AGF
  • Bolaji Owawanoye
  • Covid-19
  • Delta
  • Federal Government
  • Geoffrey Onyeama
  • ICPC
  • IFF
  • Ireland
  • Justice Abubakar Malami
  • Looted Funds
  • Niger
  • SDG
  • Switzerland
  • UK
  • Umar Gwandu
  • United Kingdom
  • US
  • VANGUARD
  • Zainab Ahmed
Previous articlePension Assets Rise By N92bn To N12.34trn
Next articleNGX Stimulating Economic Growth, Helping Businesses – Buhari
Economic Confidential

RELATED ARTICLESMORE FROM AUTHOR

President Bola Ahmed Tinubu
Monetary

Tinubu Inherits Over N16trn Uncompleted Projects

Dollar Against Naira
Monetary

Naira Rises Against Dollar to Trade at N770/$1 on Tuesday

Pension
Monetary

PFOs Sustain Business Growth With N1.69trn Investment

Muhammadu Buhari
Monetary

Report Reveals Buhari, Osinbajo, Others To Get N64.72bn Severance Packages

CBN Governor, Godwin Emefiele
Monetary

FG Disburses N173bn To Beneficiaries Under 100-for-100 Policy – CBN

NDDC
Monetary

NDDC Applauds Reps For Approving N876bn Budget

SEMA

Book on Sales: Boko Haram Media War: An Encounter with the Spymaster

boko haram

Click Here: To Order Now!

PRNigeria FEEDS

Loading RSS Feed

EDITOR PICKS

Nigeria's Team at GITEX, Morocco

GITEX Africa And Nigeria’s Phenomenal Display Of Innovation By Mubarak Umar

Opinion June 5, 2023
Asiwaju Bola Ahmed Tinubu

The Person Needed for President Tinubu’s NSA By Yushau A....

Opinion June 4, 2023
Fuel Subsidy

Fuel Subsidy: The Genesis and Nemesis, by Adedamola Adetayo

Opinion June 4, 2023

POPULAR POSTS

Nigerian Maritime

FG Loses $1bn Annually In Maritime Sector

Monetary May 19, 2020

Ajaokuta Steel Company Gets N4.3bn for Revival

Business January 9, 2017
MTN Office

MTN Nigeria Opens Offer Of N100bn Commercial Paper Issuance

Business May 29, 2020

POPULAR CATEGORY

  • Business10389
  • Monetary2814
  • Financial2469
  • Featured Post2211
  • National News1888
  • News1855
  • Editors Pick1725
  • Opinion1116
  • Features710
ABOUT US
Economic Confidential is the Abuja based Nigerian News Magazine. Economic Confidential Magazine is Factual, Authoritative and Accessible.
Contact us: editor@economicconfidential.com
FOLLOW US
© 2017 Economic Confidential . All Rights Reserved.
X whatsapp