Economic and Financial Crimes Commission (EFCC) recovered more than N738.9 billion or $2.9 billion from May 2015 to October 20, 2017.
Ibrahim Magu, acting Chairman of EFCC, speaking at a meeting with Dr. Nassar Abaalkhail, Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia, detailed the Nigerian efforts in asset recovery to include the progress in cases related to Abacha loot, Malabu Oil, Diezani & Associates and the arms procurement scandal.
Delivering a paper on Wednesday at a meeting sequel to the on-going 7th Session of Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria, Magu said the efforts cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
Magu who was a panelist at the Implementation Review Group attended by over 100 delegates, pointed out that “This does not include smaller currencies in other currencies like Durham and CRA.”
“Within this year alone, the Commission recovered stolen assets running into several millions of US Dollars and billions in naira.
“This include the sum of $43 million recovered from Deziani Allison-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.
In his recommendations, the acting chairman sought for improved coordination and cooperation among State parties in asset recovery through the consideration and adoption of measures that will remove traditional ‘barriers such as bank secrecy consistent 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 for 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.
Magu also urged for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.
Source: Hot news
