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EFCC Chairman urges countries to avoid aiding corruption
Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede has urged countries to refrain from aiding corruption.
Speaking on Tuesday, December 12, 2023 at the ongoing 10th session of the Conference of State Parties (COSP) to the United Nations Convention Against Corruption, UNCAC, holding at the Georgia World Congress Centre, Atlanta, United States of America, Olukoyede called for urgent and unconditional return of Nigerian stolen assets stashed in foreign countries.
According to him, the return of stolen assets warehoused in foreign countries, has become imperative for the growth of the economy and expansion of frontiers of development within and outside Nigeria. He warned that economic and financial crimes have become transnational crimes and no nation serving as a custodian of stolen assets should hold on to them.
“We need the cooperation of all the countries that are custodians or in charge of warehousing all these stolen assets from Africa. It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption.
“Now, when you look at corruption, it has become a transnational crime. If you are holding on to those assets, you are creating very difficult legal hurdles in recovering those assets. You are indirectly encouraging the perpetrators of the crimes we are talking about. And when you encourage it in Africa, it has a tendency of affecting you too, because the kind of financial crimes we are talking about have become global in nature. So, it has become important for you to cooperate with us,” he said.
The EFCC’s boss, in a presentation made before a global audience on asset recovery efforts and successes of Nigeria so far, pointed out that Nigeria had “probably done much more than any other country, perhaps the whole world, in the area of asset recovery. We have been able to achieve something because of the legal and regulatory framework that the government of Nigeria has been able to put in place.”
He listed measures already taken in this regard to include, the enactment of the Proceeds of Crimes ( Prevention and Prohibition) Act, 2022, use of extant laws on civil forfeiture of assets, banking reforms mandating bank customers to have a Bank Verification Number, BVN, for all transactions and the professional activities of the EFCC and other anti-corruption agencies to trace, investigate and prosecute ill-gotten assets within and beyond Nigeria, as potent measures yielding optimal results in asset recovery.
“There is an aspect of our law that allows for civil forfeiture. Civil forfeiture is a situation where you will not necessarily get a criminal conviction of an offender but you can easily attach assets and forfeit the assets and that has greatly assisted us in asset recovery.
“There is another aspect that we have tried to put in place, a year ago. It is the enactment of the Proceeds of Crime Act which has created legal and regulatory regimes for asset recovery by various agencies in Nigeria. Also, our ability to cooperate and collaborate with the rest of the world drives home the fact that both the people that have stolen money and the countries that have received the money are also culpable,” he said.
He reiterated the need for the global community to support Nigeria’s efforts towards asset recovery, pointing out that, “we will only be able to see you as a friend if you are willing to support us in recovering such assets that have been traced to your jurisdiction.”
He applauded the courage and commitment of President Bola Ahmed Tinubu in driving the asset recovery initiatives of the EFCC and other anti-graft agencies and assuring the world that stronger financial discipline is now in place in Nigeria.
“President Asiwaju Bola Ahmed Tinubu has promised the whole world that we are ready to run our financial system in Nigeria in such a way that is transparent and responsible,” he said.
Olukoyede harped on his preventive framework as a new modality capable of yielding impactful results in the fight against corruption.
“I can also pledge that on our part, we are ready to adopt very strict preventive measures which we have started in Nigeria now.
“As a matter of fact, it was one of my policy objectives when I assumed office over a month ago, to use the instrumentality of prevention as one of the major forces to fight financial crimes and corruption in Nigeria.
“It costs less for you to prevent than for you to enforce . We are holding on to that. Again, I want to pledge that going forward, we will ensure that there is accountability and transparency in application of whatever asset is recovered,” he said.
Earlier in an address, the Nigerian Country Director, United Nations Office on Drugs and Crime, Oliver Stolpe, applauded Nigeria on its asset recovery efforts, describing her as “world’s champion in asset recovery.”
“Nigeria in many ways has been leading the asset recovery efforts on the African continent and I like to refer to Nigeria as the world’s champion in asset recovery because, certainly in African comparison, you have more cases and recovered large amounts,” he said. The 10th session of COSP ends on Friday, December 15, 2023.
By Atondu Titus
Benue State Governor, Rev. Fr. Dr. Hyacinth Iormem Alia, has assured the people of Ukum Local Government Area in the Sankera axis that normalcy will soon return to the area, following an incident involving criminal elements on Wednesday.
The Governor, represented by his deputy, Barr. Dr. Sam Ode, condemned the actions as “barbaric” and reiterated that the government will not tolerate anything less than peace and security of lives and properties.
“We are committed to ensuring that peace and normalcy return to this area. The curfew imposed on the area from 6pm to 6am daily will remain in place until further notice,” Governor Alia said.
The Police Commissioner, Mr. Hassan Steve Yabanet, also reassured residents that normalcy has returned to the area, saying, “We are on top of the situation.”
The Governor’s visit to Ukum was seen as a move to show solidarity with the affected communities and to reiterate the government’s commitment to ensuring that justice is served. During the tour, the Governor’s delegation visited several locations, including Ukum Local Government Secretariat, INEC office, Government College Zaki Biam, Benue State High Court, Benue Links Park, St Paul Nursery Primary and Secondary School, Magistrate.
Odu’a Investment Company Ltd., (OICL) and the Nigerian Philanthropy Office have concluded plans to sign a Memorandum of Understanding (MoU) to provide grants to spur industrialisation in the South-West Zone.
Group Chairman, Odua Investment Company Ltd., Chief Bimbo Ashiru, confirmed this in an interview on Thursday in Lagos.
Ashiru spoke on the sidelines of a meeting between the Board/Management of OICL and the Nigerian Philanthropy Office team, under the office of the Vice President, to discuss areas of partnership and collaboration between the duo.
He said the project, designed to cater for between 500 and 1,000 persons, was geared towards growing businesses, alleviating poverty, promoting agriculture and education.
According to him, the parties will sign the MoU on the partnership tentatively by July 15 to guarantee OICL take ownership of the project in the South-West Zone.
Ashiru said that the amount of the fund for the grant was still under discussion and would be announced when finalised.
The chairman explained that the South-West Governors, who are proprietors of Odu’a Investment, are involved in the project, while OICL was the initiative’s flagship company.
“The collaboration between the parties would spread across several areas, but particularly, to support businesses of the Micro, Small and Medium Enterprises (MSMEs), Agriculture and Education that will lead to industrialisation.
“We have so many companies, banks, that are partners too on the project, but Odu’a is the flagship for the South-West Zone, while there are other companies for the South-East and the North.
“MSMEs are the drivers of any economy in the world; they are about 90 per cent, while the multinationals are just about 10 per cent.
“They create about 90 per cent of jobs across the world, but have problems with funding; this partnership is geared towards addressing the problem and alleviating poverty,” he said.
According to Ashiru, if the Government focuses on such empowerment, it will reduce the level of poverty and create more jobs.
He expressed the willingness of the parties to ensure that everybody that was qualified benefited from the initiative, hence, the ongoing fine tuning of the MoU before finally signing.
Ashiru said, “We will ensure that people that are qualified get the fund and the right calibre of people are put at the helm of affairs of the project.
“That is why the Government is not handling it, so that people with vested interest will not hijack it.
“The most important thing in the area of Philanthropy is to have direct impact and be sustainable, and that we will ensure.
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Economic hardship: Again, FG shares palliatives, releases 44,656 bags of food items to Abuja residents
…Food palliatives to target most vulnerable Nigerians — Minister
The Federal Government has released 44,656 bags of assorted food items to residents of Abuja, the nation’s capital, as palliatives to address the soaring food prices and scarcity in the country.
The gesture is in line with the Renewed Hope Agenda of the President Bola Tinubu administration.
Speaking at the flag-off ceremony in Gwagwalada on Thursday, Minister of State in the FCT, Dr Mariya Mahmoud, said, “This gesture is aimed at addressing the biting food shortages and bringing relief and succour to Nigerians.
“We are committed to alleviating the burden of food scarcity and high cost of food items on Nigerians, particularly the most vulnerable who are worst affected by the situation.”
The Minister commended the federal government for the gesture, which she said would go a long way in alleviating the suffering of Nigerians. She also appealed to residents to conduct themselves in a responsible and orderly manner during the distribution exercise.
Earlier, the Mandate Secretary, Agriculture and Rural Development Secretariat, Lawan Kolo Geidam, commended President Tinubu for his visionary leadership and foresight in addressing the rising cost of foodstuffs.
Geidam said, “We have perfected plans with the area council authorities to develop a meticulous distribution plan that would ensure an efficient exercise, making sure that the food items reach the targeted groups.”
The identified groups include the six area councils, Joint Union Action Committee (JUAC), Faith Based Organisations (JNI & CAN), and the 17 graded chiefs. Others include Civil Society Organisations (CSOs), all widow groups in FCT, all orphanages in FCT, groups of persons with disabilities in the FCT, Leprosy colony residents, Bwari rehabilitation home, Wako Orphanage, and IDP camps.
Geidam added that the secretariat will follow-up the exercise by delivering the items to the area councils, ensuring that the items reach the most vulnerable members of the community.
This intervention comes after the federal government’s previous efforts to address food scarcity and high prices, including the release of 23,996 bags of 25 kg rice from the Federal Ministry of Agriculture and Food Security.
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