Global criminal proceeds hit N240 trillion annually –  AGF

Global criminal proceeds hit N240 trillion annually –  AGF
Chukwumerije Aja, Abuja

The Nigerian government says cross-border flow of global proceeds from criminal activities in Nigeria is estimated to be about 240 trillion naira (USD1.6 trillion annually).

This amount comes from ‘particularly corruption and economic crimes estimated to be between USD 1 to 1.6 trillion annually.’

The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Mohammed Bello Adoke (SAN) made this revelation in Abuja at a workshop on stolen assets recovery and management of the proceeds of crime, organised by the Federal Ministry of Justice in collaboration with Justice for All and International Centre for Asset Recovery.

Political will

In his keynote address entitled, ‘Recovering Stolen Assets and Management of Proceeds of Crime’, the AGF said that “half of this amount is looted from developing and transition economies while statistics further reveal that USD 20-40 billion of this inflow originated in bribes to public officials from these counties".

He said it was very vital for the affected nations to have the political will to pursue the recovery of the equivalent of more than half of the continent's external debt held in foreign bank accounts.

Against this backdrop, the Justice Minister said he had articulated a plan for wide ranging reform in the justice sector for improved institutional mandates and structures of anti-corruption institutions in the context of efficient justice delivery and accountability.

Recovered funds

Also speaking at the occasion, the Coordinator of the national economic team and Minister of Finance, Dr. Ngozi Okonjo-Iwela, said that it took the Nigerian government five years to recover funds stolen by former Military Head of State, Gen. Sani Abacha.

She confirmed that the recovered stolen funds from Abacha were 80 percent utilised in the provision of social infrastructure.

Dr Okonjo-Iweala pointed out that the recovery, which took place under the civilian government of former President Olusegun Obasanjo, saw the Swiss government, civil society groups in Switzerland and Nigeria insisting on monitoring the usage of the funds on infrastructure projects such as provision of roads, water, health facilities and others.

Meanwhile, the Finance Minister has called on all agencies of government to return to the national treasury any recovered funds from acts of corruption.

She observed that apart from the Ministry of Justice, other agencies of the Federal Government were yet to return such corruption monies to the national treasury.

Passage into law

The Minister said that returning of proceeds of corruption to the national treasury was the practice while she served as Finance Minister under former President Obasanjo, which has not been done since she returned.

In her remarks, the Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri said that EFCC pioneered the introduction of a comprehensive non-conviction-based asset forfeiture law in Nigeria.

Objective of the law

"The principal aim was to have in place a legislation that would complement the current conviction-based regime", Waziri said.

The EFCC boss explained that Section 44 (1) b of the 1999 constitution already recognises the possibility of a forfeiture of assets through a civil process.

According to her, “All the National Assembly needs to do is to make a law that prescribes the mode of that process. It is therefore strongly recommended that this initiative by the AGF and DFID should result in the urgent representation of that bill to the 7th National Assembly for its consideration and passage into law".

Uche Iheanacho/Ekata