TheCable

Robert Goodwill, British minister of state for immigration, says there is no safe place for stolen assets in the UK, as his country is committed to returning all Nigerian stolen assets in its territory.

Speaking after the signing of a memorandum of understanding (MoU) between both countries, Goodwill said the MoU provides the mechanism by which monies could be returned.

The signing of the MoU is a follow-up to the agreement reached at the London anti-corruption summit in May.

“Our ability to recover and return stolen assets should send a clear message to all who may seek to habour such assets that there is no safe haven in the UK,” he said.

“We are keen to do this [return stolen assets] as soon as the necessary legal process allow.

“As outlined at the summit, we will be taking steps to accelerate the procedures for identification and confiscation of illegally acquired assets.”

Goodwill, who is also a member of the British parliament, said the UK is as committed as Nigeria in ensuring that beneficial ownership of assets is made available to relevant authorities so they know the identity of the real owners of assets held in the UK.

“Forty jurisdictions, including British Overseas Territories and Crown Dependencies, announced that they will automatically share beneficial ownership information relating to companies, trusts, foundations, Shell companies and other relevant entities and legal arrangements,” he said.

“It is important that everyone can see how returned assets are used to benefit Nigerians. We have therefore agreed in this MoU to be fully transparent about this.”

Abubakar Malami, attorney-general of the federation, who signed on behalf of the federal government, said the MoU reflected the desire and willingness of both countries to continue cooperation and mutual support.

He outlined the objectives of the MoU to include the fact that the processes of returning stolen assets was a partnership recognising the interest of both countries and based on mutual understanding, confidence and trust.

“That both countries recognised that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again,” he said.

“And that both countries recognised they have obligations toward their own citizens for providing such assurances.

“That both countries recognised the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets.”

He assured the international community that all funds recovered would be judiciously utilised for projects that would benefit the Nigerian society.