Magu Seeks International Collaboration Against Corruption

Magu Seeks  International Collaboration Against Corruption

 Ibrahim Magu, acting Chairman, Economic and Financial Crimes Commission, EFCC,  speaking Thursday at the International Association of Anti-Corruption Authorities, IAACA, in Vienna, Austria argues that the cost of corruption was enormous and needed a broader approach to be tackled.

“Corruption is acknowledged to have been an impediment to sustainable development in Africa, and the cost is so enormous that there is an urgent need for international collaboration for success to be achieved,” he said.

According to him, though the international community has created legal and institutional framework for the prevention and recovery of proceeds of corruption, recovery of stolen assets stashed away in foreign lands still remained a major issue to be tackled.

While calling for more synergy in repatriation of stolen wealth, Magu noted that in spite of the challenges, there were success stories to celebrate.

He said: “Successes recorded in recovery of stolen assets have been achieved through Memoranda of Understanding, MoU signed between Nigeria and several countries including Switzerland, the United Kingdom, UK, the United Arab Emirates, UAE, and the United States, US, in line with Article 57 paragraph 5 of the United Nations Convention Against Corruption, UNCAC.

“The UK government returned stolen funds to Nigeria in the cases of Dariye and Alamieseigha, with over 5 million pounds recovered from the former Bayelsa State governor in 2012.

“In the case of Joshua Dariye, a former Governor of Plateau State in Nigeria, the British government also returned £48,000 to Nigeria in fulfilment of the UK's commitments "under Chapter V of the United Nations Convention Against Corruption.

“In 1999, the Swiss authorities pursuant to a request for mutual legal assistance, returned about $723m to Nigeria.”

He further revealed that a tripartite MoU between the Swiss government, the World Bank and Nigerian government, also led to the return of additional $320 million Abacha loot.

Other classes of recoveries made by the EFCC, according to Magu, included, whistle blowers cash recoveries, subsidy payment cash recoveries, third party cash recovery for NNPC, FIRS, NPA, AMCON and Banks.

“In 2017, EFCC made a total recovery of N473, 065,195,977.50, $142,504,121.12, and most of the recoveries, were non-conviction based asset recovery,” he said.

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