Over $700m stolen funds recovered in four years – Malami

ATTORNEY General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN, has said that in the last four years, Nigeria has recovered and effected the return of more than $700 million stolen funds.

Malami pointed out that annually, developing countries in Africa lose over $148 billion to corruption partly due to Illicit Financial Flows (IFFs).

The Attorney General made this disclosure in an address at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Malami, who was represented at the conference by the Senior Special Adviser to the President on Justice Sector Reforms, Barr. Juliet Ibekaku-Nwagwu, expressed worries that IFFs have become rife, growing at 20.2% annually in Africa because of weak national and regional capacity to stem the tide.

The minister expressed regrets over the illicit movement of huge funds out of Africa which he said has resulted in underdevelopment and insecurity across the continent.

He said: “Nigeria, through proactive and collaborative efforts with other countries has recovered and ensured the return of over $700 million from the United States, the United Kingdom, 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.

“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries.”

The ICPC Chairman, Prof. Bolaji Owasanoye, noted in his welcome address that the effect of IFFs on developing countries in Africa was huge and emphasised the need to tackle the menace, which falls under the mandate of the Commission.

He said: “Estimates of the quantum of IFFs lost globally varies, but it is generally agreed that a significant proportion of the loss is suffered by developing countries. African countries are particularly affected by loss through IFFs thus depriving the continent of much-needed resources for development.”

Speaking at the conference also, the Minister of Foreign Affairs, Geoffrey Onyeama, who was represented by the Permanent Secretary, Ambassador Gabriel Aduda, said it was working assiduously to ensure the return of stolen funds and assets to Nigeria.

The Minister said IFFs was responsible for many of the societal ills and underdevelopment the country is grappling with, adding that the federal government has put in place measures to block illicit outflows of funds.

“Illicit Financial Flows deny developing countries of vital resources that belong to them; resources that should have been spent on their development priorities. It reduces tax revenues, hinders development endeavours, undermines constituted authorities and threatens the stability and sustainable development of all affected states.” Onyeama said. 

“IFFs also provide the financial network that supports terrorist activities, fuels conflict and leads to internal displacement and refugees conditions, divert money from public priorities and hampers government effort to mobilise domestic resources.

“The most effective deterrent remains ensuring that proceeds of IFFs are recovered and returned to countries of origin. It is for this reason that the government of Nigeria will continue to call on leaders whose countries are the main destination for IFFs to take concrete steps to prevent and stop the receipt of such funds into their countries, assist in tracing, freezing, seizing and returning illicit assets and its proceeds, already in their countries.”