The Federal government of Nigeria and United Kingdom Tuesday signed a Memorandum of Understanding for the return of £4.2 Million looted funds by the former Delta State Governor, Chief James Ibori.
The process of repatriation of the funds stacked away in UK by the former governor commenced since 2016.
According to the Minister of Justice and Attorney General of the Federation, Abubakar Malami, while speaking at the signing ceremony, the recovery and repatriation of the looted funds has again underscored the fact that international cooperation and mutual trust can yield great benefits for the citizenry in developing countries who are the direct victims of acts of corruption.
“Hence, the Governments of Nigeria and the United Kingdom have concluded negotiations for the return of £4.2million to Nigeria pursuant to the Memorandum of Understanding earlier executed by the two governments in 2016.
“It is to be recalled that the Nigerian Government had all along provided the required mutual assistance and backup to the British authorities while the prosecution of James Ibori lasted in London and today, we are rightfully taking benefit of that cooperation. I cannot but observe that what we are witnessing today is a glaring manifestation of the agelong national ties between the Federal Republic of Nigeria and the United Kingdom.
Malami explained that as directed by President Muhammadu Buhari the instant repatriated funds should be deployed towards the completion of the following legacy projects: the Second Niger Bridge, Abuja – Kano expressway and the Lagos – Ibadan expressway under the coordination of the Nigeria Social Investment Authority (NSIA) to ensure integrity of the process.
He said a reputable Civil Society Organization has been engaged to monitor/supervise the expenditure of the recovered funds on the execution of these critical projects which are evenly spread across the country.
Earlier in her remarks, the British High Commissioner, Ms. Catriona Laing, CB, explained that the landmark agreement represented the first return of return of stolen assets confiscated by the United Kingdom under the auspices of the UK-Nigeria Memorandum of Understanding signed since in August, 2016.
She said the funds were recovered from the associates and family of Chief James Ibori.
The British High Commissioner who signed in behalf of UK government noted that the process of the recovery of the funds had been subjected to a number of hard fought legal challenges by the third parties which were defeated in the UK Courts.
“It is vitally important that this agreement makes strong provision for transparency, monitoring and accountability. It is a guiding principle of both the UK and Nigerian Governments that stolen assets should be used for projects that benefit Nigeria’s poor”, she stressed.
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