News
‘Why US Demands Commitments When Repatriating Stolen Funds’
The United States Government has said that it pushes for commitment when repatriating to countries looted funds in its domain to ensure transparency and accountability and strengthen anti-corruption prevention.
It said it was for this reason the agreements signed during the release of the funds often include the specified use of the funds, as observed in the August 23, 2022 and 2020 agreements with Nigeria.
The latest agreement indicated that the $23million recently transferred to the Federal Government, which would be administered by the Nigeria Sovereign Investment Authority (NSIA), would help in financing the Second Niger Bridge, Lagos–Ibadan Expressway and the Abuja-Kano Road.
The US has in recent years returned to Nigeria $334.7million, including the $311.7million returned in 2020, stolen by former Head of State, late Gen. SaniAbacha.
The US Department of State’s Coordinator of Global Anti-Corruption, Richard Nephew, in his response to our correspondent’s enquiries as part of his maiden press briefing recently noted that the US would continue to work aggressively to prosecute money launderers and their facilitators for the benefit of the people harmed by corruption around the world.
He stated, “When negotiating these agreements, the United States, led by my counterparts in the Department of Justice, pushes for commitments by countries to strengthen anti-corruption prevention and legal frameworks, enhance enforcement efforts through effective investigation and prosecution, and ensure transparency and accountability in asset return.
“With respect to the agreement signed on August 23, the United States transferred 100per cent of the net forfeited assets totalling approximately $23million to the Federal Republic of Nigeria to support three critical infrastructure projects in Nigeria that were previously authorised by Nigerian President, MuhammaduBuhari, and the Nigerian legislature”.
He noted that important safeguards were inserted in the agreements to ensure transparency.
Nephew added, “The August 23 agreement is consistent with the approach taken in the agreement signed in 2020 by the US Department of Justice and the governments of the Bailiwick of Jersey and Nigeria, through which approximately $311million in stolen assets linked to SaniAbacha’s embezzlement schemes were recovered.
“Both agreements are comprehensive in that they include specified uses of the funds but also important safeguards to ensure transparency and accountability, including administration of the funds and projects by the Nigeria Sovereign Investment Authority, financial review by an independent auditor, and monitoring by an independent civil society organisation with expertise in engineering and other areas.”
Meanwhile, Nephew pointed out that since the United States launched the Kleptocracy Asset Recovery Initiative in 2010, the Department of Justice had filed cases in court to confiscate over $3.4billion in corruption proceeds, confiscated over $1.7billion of the assets and returned or assisted in the return of over $1.6billion to the economies from which the money was stolen.
He noted that Nigeria and some other countries owned a significant amount of the sum.
He added, “Importantly, this is an aggregate amount from a variety of countries. A significant portion of these assets have involved criminal proceeds linked to Nigeria, but also Malaysia, Ukraine, and several other countries involving smaller amounts like the Philippines, the Republic of Korea, Taiwan, Armenia, Equatorial Guinea, Panama, Canada, and Peru.”
He noted that there was no silver bullet to solve corruption, but that without a strong legal system to enforce laws, investigate and prosecute corrupt actors consistently, and without systems to enforce transparent processes around public procurements or hiring within the public sector, corruption often flourished.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
-
Maritime12 hours agoCustoms, MAN Consent On 4% FoB Exemptions, Manufacturing Support Measures
-
Rivers11 hours agoIAUE Emerges Winner Of National Campus Debate, 2025
-
News11 hours agoFUBARA: UNDERUTILISED SEAPORTS DENYING RIVERS ECONOMIC PROSPERITY ……..Hosts NPA Board, Mgt On Courtesy Visit
-
Opinion12 hours ago94 Years From A Turning Point
-
Education11 hours agoDon Advocates Equal Opportunity For Citizens
-
Politics11 hours agoAnambra Guber: ADC Candidate Urges INEC To Tackle Vote Buying
-
Business11 hours agoBlue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze
-
Maritime12 hours agoCustoms Wives Donate Mosquito Nets, Bedsheets To Hospitals In Ogun