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Tag: stolen assets

  • Stolen assets

    Stolen assets

    •No culprit should go unpunished

    One of the concrete examples of stolen assets in recent times is the estate of 753 duplexes recovered in Abuja and reportedly stashed away until the vigilance of the law exposed the scandal.

    This was apparently in the mind of President Bola Ahmed Tinubu when he swore that it was an act of duty to recover stolen assets, including funds.

    “It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good,” said the president.

    He is right that asset recovery like the Abuja estate “sends a clear and unwavering message that there will be no safe haven for corruption in Nigeria and it serves as a deterrent, a symbol of accountability and a practical tool to rebuild national confidence in public institutions,” he said.

    He made the point of the value of such a fight, as he linked the recovery of such funds to the financing of critical infrastructure such as the Lagos – Ibadan Expressway, the Second Niger Bridge and the Abuja-Kano Expressway.

    We can recall that the National Education Loan Fund (NELFUND) that has given over half a million students the opportunity and encouragement to attend higher institutions has drawn substantially from money recovered from the thieves of our till.

    The issue also raises questions of our assets that lie fallow and untapped, and these assets are being taken advantage of because of official incompetence and lack of vigilance. These are liquid accounts as well as physical properties that the Federal Government has left abandoned. Some government officials are believed to have, over the years, sustained government indifference while rackets have profited from them. For instance, there was a story of a $27 million property that was sold off without accountability. The bottom of the scandal remains unresolved today even though the Nigerian envoy at the time denied ever authorising the sale.

    That is why it is encouraging that the Economic and Financial Crimes Commission (EFCC) must be commended for some of its work, while noting that much has to be done to get to the level of recovery. The attorney- general of the federation and minister of justice, Lateef Fagbemi (SAN), explained this recently.

    Read Also: Nigeria secures over $50bn in foreign investments through Tinubu’s diplomatic drive — Presidency

    “In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, 105 million dollars, and 753 duplexes in its asset recovery efforts,” he said.

    “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29, 685 billion in cash and 966,900 dollars in assets.”

    The National Drug Law Enforcement Agency (NDLEA) is not left out in this intervention as many properties linked to illicit drug trafficking have also fallen into the government net.

    He said the Federal Ministry of Justice has, from 2017 to date, been collaborating with its counterparts and international partners in the US, United Kingdom, Bailiwick of Jersey, Ireland, Switzerland, to facilitate the execution of various agreements.

    “This led to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000 dollars, and 6,472,610 pounds.

    “Of these sums, a total of 102.88 million dollars and 2, 062,000 pounds (Galactica Assets 52.88 million dollars, Glencore Fined 50 million dollars, Useni/Miner 2,062,000 pounds) was recovered from 2024 to date,” Fagbemi said.

    The keys to winning such fights are consistency and transparency. One of the great scams of this country was related to the oil industry and what accounted for the removal of subsidies. Some of the culprits are said to be fighting back the removal by undermining the efforts of the Tinubu administration to enforce the policy. They ought to be tackled just as the thieves of crude oil are having a difficult time on the high seas.

  • Stolen assets: Magu meets with UAE intelligence chiefs in Dubai

    Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu has held talks with intelligence chiefs in Dubai on stolen assets stashed in the United Arab Emirates (UAE).

    The talks bordered on how to block repatriation of looted funds from the UAE to prevent vote-buying in the presidential elction billed for February 16.

    The EFCC chairman requested the UAE to block such illicit funds from coming to Nigeria.

    Although Magu led a team of detectives to attend a three-day 2019 Intersec Security Summit, he also decided to meet with UAE intelligence chiefs to compare notes.

    A source at the anti-graft agency said: “I can tell you authoritatively that the Acting EFCC Chairman met with Dubai intelligence in company of crack detectives for intelligence sharing and cooperation.

    “This is directly connected to the illicit assets tracing and financial flow vis-a-vis the commission’s active surveillance on vote buying and monitoring its funding source.

    “You will recall that the purpose of those who looted our commonwealth is to bring in the illicit funds into country in order to undermine the national security and engage in voters’ inducement.

    “Please note that the development is capable of scaring investors, discourage investments and cripple the economy.

    “But I can tell you that the commission is equal to the task and all hands are on deck to ensure that this infamous action is tackled for the progress of the country.”

    Read also: Fayemi removes indicted heads of institutions

    When contacted over the issue, the Special Assistant on Media & Publicity to the Acting Chairman of the EFCC, Mr. Tony Amokeodo, confirmed the development.

    He, however, declined to give details.

    About 20 Politically Exposed Persons (PEPs), including nine ex-governors and six former ministers are on the EFCC radar in Dubai over looted funds.

    The Federal Government signed six agreements with the UAE on January 19, 2016 following a state visit by President Muhammadu Buhari.

    The pact includes Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters (the recovery and repatriation of stolen wealth).

    It was learnt that the government has been collaborating with the UAE authorities on suspicious cash and assets allegedly owned by some (Politically Exposed Persons (PEPs).

    The Chairman of the Senate Committee on Foreign and Domestic Debts, Shehu Sani, said over $200 billion had been hidden in UAE.

    He said: “Over $200 billion are stashed away from Nigeria to Dubai alone. This may be the monies stolen since in the past 20 years. I am not talking about estates and bonds and other securities bought with Nigeria stolen money.”

  • Presidency to HSBC: ‘We want our stolen assets back, not doomsday prophecy on 2019’

    The Presidency yesterday berated the global banking giant, HSBC, for allegedly actively supporting those who looted the nation dry.

    The organization recently projected that a second term in office by President Muhammadu Buhari would stunt the Nigerian economy. But responding to the bank’s claim in  a statement yesterday, the President’s Senior Special Assistant on Media and publicity, Garba Shehu, said what killed the  economy in the past was the unbridled looting of state resources by leaders.

    He alleged that such looters were actively supported by the bank.

    “A bank that soiled its hand with millions of US dollars yet-to-be-recovered Abacha loot , and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a ‘second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration’,” the SSA said.

    He added:”rather, we ask them to heed President Buhari’s constant refrain: return our stolen assets, then see how well we will do.

    “From the facts available to our investigation agencies, HSBC’s put down on President Buhari is no more than an expression of frustration over the administration’s measures put in place which have abolished grand corruption, the type which this bank thrives on in many countries.

    “They may also just be out to discredit the President out of the fear of sanctions and fines following the national assets that are stolen.”

    With the coming of President Buhari, Garba said, corrupt individuals, banks and other corporate entities that aided corrupt practices are under investigation for various offences.

    He said that for many of them, including their friends in the media, they would rather have President Buhari out of their way, for business as usual to return.

    He went on: “Our investigation agencies believe that HSBC had laundered more than USD 100,000,000 for the late General Sani Abacha in Jersey, Paris, London and Geneva.

    “Among these accounts on the records are: AC: S-104460 HSBC Fund Admin Ltd. Jersey ($12,000,000); AC 37060762 HSBC Life (Europe), U.K ($20,000,000) and AC: 38175076 HSBC Bank Plc. U.K ($1,600,000).

    “The bank is also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians, including a serving Senator as earlier indicated.

    “In a book, Secrecy World: Inside the Panama Papers Investigation, published in 2017, Jack Bernstein told the story of global money laundering highlighting the unenviable place of the HSBC.

    “This is a bank that states and federal authorities in the U.S. forced to pay $1.92 billion to settle charges of money laundering; fined $1.2 billion in Hong Kong for “systemic deficiencies” in bond sales and was made to pay $100 million in currency rigging settlement as reported by The Telegraph of 18th January, 2018.”

     

  • Nigeria, UAE agreement on stolen assets takes off

    President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month.

    Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up as Nigeria hosts the 8th annual general meeting and conference for heads of anti-corruption agencies in Commonwealth Africa from today in Abuja.

    Buhari is expected to open the conference, with the theme: “Partnering towards assets recovery and return”.

    Yesterday in Abu Dhabi, officials of the UAE and Nigeria exchanged instruments of ratification on judicial agreements signed between both governments in 2016.

    With yesterday’s exchange of instruments, the agreement will now take effect from June 13.

    According to WAM Emirates news agency, the UAE and Nigeria signed the agreement regarding the apprehension of criminals, extraditing convicted persons, providing mutual legal assistance in criminal matters, as well as for legal and judicial cooperation in civil and commercial matters.

    The ceremony for exchanging the instruments of ratification took place between Ahmed Abdul Rahman Al Jarman, Assistant Minister for Human Rights and International Law at the UAE Ministry of Foreign Affairs and International Cooperation, and Nigeria’s Ambassador to UAE Mohammed Dansanta Rimi, at the headquarters of the UAE Ministry of Foreign Affairs and International Cooperation.

    The UAE’s Director of the International Cooperation Department at the Ministry of Justice, Abdul Rahman Murad Al Balushi, witnessed the ceremony during which the June 13 take-off date was confirmed.

    Nigeria on January 19, 2016, signed six agreements with the UAE following a state visit by President Muhammadu Buhari.

    The pact includes Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters (the recovery and repatriation of stolen wealth).

    The Federal Government had been collaborating with the UAE authorities on suspicious cash and assets allegedly owned by some Politically Exposed Persons (PEPs).

    The agreements, which were signed by President Buhari are:

    • Avoidance of Double Taxation Agreement.
    • Agreement on Trade Promotion and Protection
    • Judicial Agreements on Extradition
    • Transfer of Sentenced Persons
    • Mutual Legal Assistance on Criminal Matters
    • Mutual Legal Assistance on Criminal and Commercial Matters(recovery and repatriation of stolen wealth)

    The Federal Government has been trying to attach some suspected assets allegedly owned by some Nigerians or  traced to them in UAE.

    The EFCC also has evidence of how some public office holders benefited from the London-Paris Club refund and how the cash was laundered in Dubai, UAE.

    The financial intelligence sharing by the two countries has uncovered some cases involving ex-Minister of Petroleum Resources Mrs Diezani Alison-Madueke and some of her business associates.

    The assets allegedly identified with Diezani are marked as J5 Emirates Hills (30million Dirham) and E146 Emirates Hills valued at 44million Dirham.

    Those allegedly traced to her assiociate Kola Aluko are: 4100 Le Reve Dubai Maria, Dubai; Unit 1402, PS 14th Floor located at Metro TECOM near Internet City Metro Station, Dubai; Unit 712, ES 7th Floor located at First Central, Off Sheikh Zayed, TECOM, Al-Barsha 3 Dubai and Unit 512, 5th Floor located at First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai AE-AJ.

    Sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 mandate the agency to seize suspicious assets.

    Section 7 says: “The commission has power to (a) cause any investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes.

    “(b) Cause investigations to be conducted into the properties of any person if it appears to the commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”

    Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 empower the anti-graft agency to invoke Interim Assets Forfeiture Clause.

    “Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.’

    Section 13 of the Federal High Court Act reads in part: “The Court may grant an injunction or appoint a receiver by an interlocutory order in all cases in which it appears to the Court to be just or convenient so to do.

    (2)          Any such order may be made either unconditionally or on such terms and conditions as the Court thinks just.”

  • FG assures of judicious application of recovered assets

    FG assures of judicious application of recovered assets

    The Federal Government has assured that stolen assets recovered from both within and outside the country will be put to judicious uses and will not be re-looted by anyone.

    Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN) gave this assurance while speaking in Abuja Tuesday.

    The occasion was the signing of a memorandum of understanding between the governments of Nigeria and the United Kingdom (UK) on modalities for the return of stolen assets.

    Malami, who commended the UK for its willingness to cooperate with the country in the area of recovery and return of assets stolen from Nigeria, said the Nigerian government will endeavor to prevent further looting of the nation’s wealth.

    The AGF, who frowned at alleged moves by some “individuals to use the process of asset recovery to create reputational damage for the government,” said all measures adopted since he assumed office in November last year have been aimed at “effective and efficient assets recovery.”

    He said: “Today, we are determined to change the narrative regardless of who is involved. I want to assure the international community that all funds recovered within and outside Nigeria would be judiciously utilized for projects that will benefit the poorest segment of the Nigerian society as well as enable us support reform in the justice sector.

    “The position of the law in Nigeria today is that all funds recovered should be paid directly into the Consolidated Revenue Account. Unfortunately that has not always been the case under the previous administration,” he said.

    The AGF said the current administration was committed to enacting laws, including the Proceeds of Crime Bill, to strengthen existing anti-corruption institutions, prosecution authorities and law enforcement agencies.

    Leader of the UK delegation and UK’s Minister of State for Immigration, Robert Goodwill said the signing of the memorandum was in furtherance of his country’s promise, at the last Anti-Corruption summit held in London in May, to improve the process of the return of looted assets.

    He said by this gesture, his country’s government was sending a loud message to all that the UK was no longer a safe haven for stolen assets, including looted funds.

    Goodwill, who was silent on the worth of Nigeria’s looted assets currently in his country, said the UK government was “committed to return all funds looted from the Nigerian State and we are keen to do this as soon as the necessary procedures allow.”

    He said aside the UK, f40 other jurisdictions, including British Overseas Territories and Crown Dependencies are willing to automatically share beneficial ownership information relating to companies, trusts, foundations and other relevant entities and legal arrangements.

    Goodwill, a Member of Parliament (MP), said: “This MoU provides the mechanism by which monies can be returned. Our ability to recover and return stolen assets should send a clear message to all, who may seek to harbour such assets overseas, that there is no safe haven in the UK.”

     

  • What to do with recovered stolen assets, by experts

    What to do with recovered stolen assets, by experts

    Lawyers and other stakeholders yesterday called for the establishment of a centralised agency to manage assets recovered from looters.

    According to them, having a central asset management institution would prevent duplication of roles by security agencies empowered to seize stolen assets.

    They spoke in Abuja at the three-day National Stakeholders’ Workshop on the Recovery and Management of Recovered Assets, organised by the Presidential Advisory Committee Against Corruption (PACAC), in collaboration with the Commonwealth Secretariat.

    Speakers included PACAC Chairman Prof Itse Sagay (SAN), Executive Director Prof Bolaji Owasanoye, member Prof Etannibi Alemika; Director, Stolen Assets Recovery Initiatives at the United Nations Office on Drug and Crime (UNODC)/World Bank Dr Oliver Stolpe, Chartered Institute of Bankers President Prof Segun Ajibola, international legal experts Nicolaas Van Zyl and Fitzroy Drayton, among others.

    After a breakout session on the second day of the workshop, it was recommended that a law should be enacted to guide asset recovery processes across agencies.

    The law, speakers said, would contain assets disposal guidelines, timelines, and specify who should recover assets.

    A clear policy, they recommended, will create a common system for management of recovered assets and prevent re-looting or their mismanagement.

    Rather than only seizing assets and allowing them to rot away, it was suggested that experts should be allowed to manage them pending a final forfeiture order. Where funds are involved, they could be put into an investment or interest-yielding account.

    For instance, Prof Owasanoye noted that some forfeited vehicles are allowed to waste on court premises when they could be put to better use by asset managers, by either being valued and sold.

    “The courts are not supposed to manage assets. They are ill-prepared to do so,” he said.

    It was agreed that there must be a database or record of assets being seized, including video records and photographs of assets to be taken at the point of seizure.

    Every monetary seizure, they said, should be kept with the Central Bank of Nigeria (CBN), while pre-qualify persons should act as receivers to ensure a credible and transparent policy.

    It was also suggested that an inter-agency committee could be created to liaise with agencies empowered to seize assets, such as the police, National Drug Law Enforcement Agency (NDLEA) and anti-graft agencies.

    Another suggestion was that security agencies involved in assets seizure must have a common reporting format, and must publish annual reports of assets either seized temporarily pending conclusion of trial, or permanently .

    There was, however, a debate as to whether recovered funds should to go into the federation account in cases where those funds are looted from states.

    Prof Ajibola said: “There must be a legislative action as to where recovered assets should go; whether to the federation account or to a dedicated account.”

    He said the international community should do more due diligence on people who bring huge funds into their countries.

    According to him, “whoever received stolen funds is also an accessory to the crime.”

    Director, Rule of Law Division at the Commonwealth Secretariat, Ms Katalaina Sapolu, said suspected looters should not complain of rights violation when effort is made to recover assets from them.

    She said efforts by previous administrations to recover Nigeria’s looted assets did not yield much result because of lack of trust by the countries holding the stolen assets.

  • SERAP to Obama: assist in returning stolen assets

    SERAP to Obama: assist in returning stolen assets

    A RIGHTS group, Socio-Economic Rights and Accountability Project (SERAP), has urged President Barack Obama to back up his commitment on stolen assets by taking aggressive steps towards returning them to Nigeria.

    SERAP made the plea in a statement in Lagos ahead of the meeting between President Muhammadu Buhari and officials of the Obama government this week.

    It urged the United States (U.S.) government to deal with the problem with the seriousness and intensity that had been previously lacking in similar exercise.

    SERAP Executive Director Adetokunbo Mumuni, in a statement yesterday, welcomed the commitment by Obama to assist the Buhari government to track down billions of dollars in stolen assets from the country.

    The group stated that greater efforts were required by the Obama government to follow through its commitment, if it was to secure justice for victims of corruption and money laundering.

    It urged the Obama government to move quickly to resolve the issue of returning the assets to the country in an expeditious, just and fair manner.

    “Unless this is done, the rare opportunity the Obama government now has to right the injustice aided and abetted by the U.S. banks will be gone,” the group said.