Nigeria, UK okay deal on return of looted assets

Nigeria, UK okay deal on return of looted assets

Nigeria and Britain have signed a Memorandum of Understanding (MoU) on the modalities for the return of stolen assets. The Attorney-General and Minister of Justice, Mr. Abubakar Malami, signed on behalf of the Federal Government while the British Minister of State for Immigration, Robert Goodwill, endorsed the pact on behalf of his home government. During the exercise which held at the Ministry of Justice yesterday, Goodwill stated that the MoU provides the mechanism by which looted funds could be returned to Nigeria.

Goodwill who noted that there is no safe place for stolen assets in the United Kingdom (UK) any longer, maintained that the ability to recover and return the previously looted funds would discourage future attempts to steal funds. “Our ability to recover and return stolen assets should send a clear message to all who may seek to habour such assets that there is no safe haven in the UK”, he said. The signing of the MoU was a follow- up to the agreement reached at the London anti-corruption summit in May.

According to the British delegate, British government is committed to returning funds looted from Nigeria. “We are keen to do this as soon as the necessary legal process allows. As outlined at the summit, we would be taking steps to accelerate the procedures for identification and confiscation of illegally-acquired assets. “We are committed to ensuring that beneficial ownership of assets is made available to relevant authorities so they know the real owners of assets held in the UK.” Read more

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