Recovering stolen assets abroad a complex process, says Magu – TheNigerialawyer

Economic and Financial Crimes Commission (EFCC) Acting Chairman
Ibrahim Magu on Thursday said the Federal Government was determined
to recover stolen assets hidden abroad despite it being a “complex”
process.

He spoke in Lagos after a road-walk to mark the African Union
(AU) Anti-Corruption Day, which is held every July 11.

This year’s theme is: “Towards a Common African Position on
Asset Recovery.”

Magu, represented by EFCC Lagos Zonal Head Mr Mohammed Isa-Rabo,
referring to a report by a high-level panel on Illicit Financial
Flows (IFF), said Africa loses over $50 billion yearly through
illicit financial outflows.

“A large portion of these outflows is made up of illegally
acquired assets that are located all over the world.

“As we are all aware, asset tracing, freezing, management and
eventual repatriation are a long and complex process.

“As a result, heads of anti-corruption agencies in Africa have
persistently sought the support and collaboration of the global
community in repatriating stolen assets back to African
countries.

“The need to strengthen international cooperation amongst the
anti-corruption agencies in Africa for purposes of developing an
African common position framework on asset recovery and return can,
therefore, not be over-emphasised,” the EFCC Acting Chairman
said.

He noted that the Muhammadu Buhari administration has made the
fight against corruption and the recovery of stolen assets a key
agenda.

This, he said, has resulted in significant recoveries of looted
assets that were acquired through mismanagement of public
funds.

“It is against this background that today’s convergence of all
relevant anti-corruption stakeholders (domestic and international)
to reflect on the challenges of asset recovery in Africa and
solicit contributions and support towards developing a framework
for an African common position on asset recovery is very
important.

“Besides, there is need to create awareness and engage the
citizens in asset recovery efforts.

“All hands must be on deck in response to the clarion call from
across the world to defeat corruption. We must all demand the
culture of integrity and accountability to win the fight against
corruption,” Magu said.

The EFCC Acting Chairman emphasised that corruption remains
Nigeria’s and Africa’s greatest problem, with resources that should
have delivered the good life to the majority being cornered by a
privileged few, leaving the continent underdeveloped.

“The Commission recognises the fact that enduring success in the
fight against economic crimes and corruption can only be achieved
when all stakeholders embrace this important fight.

“This is why we will continue to encourage us all to shun crimes
and all acts of corruption.

“Let me emphasise again that the future of this country belongs
to us all. The decision we make today will determine the type of
society our children will live in. Together we can make Nigeria
great again,” Magu added.

A leader of the Movement against Corruption (MAC), a coalition
of 250 civil society organisations, Dr Joe-Okei Odumakin, said it
was gratifying that the AU set up the day with a view to combating
the continent’s biggest scourge: corruption.

“Africa, our great continent, is bleeding under the heavy weight
of corruption. If Africa does not kill corruption, corruption will
kill us. More than $50billion of our resources is being starched
away through illicit flows yearly.

“The poorest people we can find in this world are from Africa.
Instead of us putting the feet of our youths on the pedestal of
prosperity, they are being put on the pedestal of corruption.

“Hunger, war and terrorism are as a result of corruption. But we
must all ensure that we keep our children alive. We can longer
continue to agonise, but we must organise.

“We can’t fold our arms akimbo, while our country is bled dry.
That is the essence of this walk,” Odumaki said.

She frontline activist urged Nigerians to join the fight by
speaking up against acts of corruption and by blowing the
whistle.

“When we see something, we must say something. The EFCC alone
cannot fight that war against corruption; the government alone
cannot do that either.

“So, we must all, wherever we find ourselves, make the fight
against corruption our battle cry.

“I am an incurable optimist and I am so optimistic that, if we
all join hands, we will be able to repatriate all our stolen
funds.

“All of us here remain the lubricants for the survival of the
entity called Nigeria and, indeed, Africa.
“So, we must all be ready to confront this scourge. I believe that
African will flourish again,” she added.

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