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E D I T O R I A L Getting it Right with Recovered Embezzled Funds By: Manny Ita The looting of public funds is against them. And given the was a result of astronomical in - dress he presented at the First not a phenomenon that is pecu - propensity of public officers to crease of online banking and use Annual Conference on Financial liar to Nigeria, but that which is dip their hands in the cookie jar, of ATM as well as fraudulent Fraud, Cyber-Crime & Other associated with corrupt govern - not a few believe that these em - withdrawal of funds. Illicit funds Cross-border Crimes which was ments all over the world, both bezzled funds have created an - flows are a major area of organ - held in Abuja, where he assured military and democratic. other avenue for embezzlement. ised crime in Nigeria with a re - Nigerians that President Buhari Recovery of these funds Trends and statistics port compiled by the presidency had vowed to recover the for - mostly stashed in foreign vaults, from the Central Bank of Nige - in 2013, identifying a total of tunes that these criminals had has also been a task of responsi - ria, CBN indicate that Nigerian over $33.144bn (N20.6 trillion) made illegally by returning ble governments, oftentimes banks lose huge amounts of illicit flows during 2000 to 2013, every penny belonging to the with the collaboration of admin - money annually to different of which over $7.456trn were Nigerian public. Incidentally, proceeds of corruption and em - only the administration of for - bezzlement in the country. mer President Olusegun According to a popular Obasanjo was able to record the cliché, all it takes for evil to suc - highest amount of US$ 1.25 bil - ceed is for the voice of reason to lion from the Abacha loot. be silent. Perhaps it was time to It is instructive to note get the facts straight. Until re - however that much as the gov - cently when the Attorney Gen - ernment is focused on repatriat - eral of the Federation and ing these funds in foreign Minister of Justice, Abubakar accounts, it should also beam its Malami disclosed that the Eco - searchlight well on the home nomic and Financial Crimes front as a lot of these monies are Commission, EFCC, had so far in assets and raw cash stored in - recovered more than $2 trillion side walls, underground vaults in which at the current exchange people’s houses and in other rate would amount to about forms which can be translated to N400trn looted from the national cash when the need arises; all it treasury, you can bet a lot of requires is a little more intelli - Nigerians who were in the dark gence, creativity and genuine about this were jolted by the commitment clothed in sincerity. mere astronomy of the figure. Within the first quarter In another development, Presi - of this year, the Nigerian govern - dent Muhammadu Buhari has ment via the AGF, signed a letter signed agreements with the of intent for the repatriation of United Arab Emirate on repatri - yet another 321 million dollars ation of stolen funds and extra - allegedly stashed in Swiss banks dition of culpable officials. by the late Gen. Sani Abacha. The Mutual Legal As - These funds according sistance on Criminal and Com - to the Attorney General were mercial Matters will allow the istrators of the accounts in which forms of cyber-crime and cyber- such embezzled funds are domi - criminals with total estimated ciled. loss incurred by the financial Over the years, stupen - system alone from 2012 to 2014 dous amounts of monies stolen more than N64 billion or by successive governments in USD321.689m. The Nigerian the country have been reportedly Deposit Insurance Corporation, stolen by criminal groups and UAE government return monies recovered into the country’s NDIC, had also in a report it is - public office holders within the hidden or invested in banks and treasury but it is doubtful that sued in 2014, observed that the past 12 years. The AGF made real estates in the country; a de - these funds have proper records increase of fraud in the country this disclosure in a keynote ad - velopment which has caused Securenigeria365.com 32 E D I T O R I A L panic among some ex-officials now actively demand the repatri - These must have been should know better than to curry who it was learnt have started ation of funds hidden in the part of what informed the setting embarrassment to the Nigerian making frantic efforts to either country by convicted former of - up the Presidential Advisory government by their level of ex - escape from that country or relo - ficials as well as demand the ex - Committee on Corruption pressed ignorance. cate their slush funds out of the tradition of other Nigerian (PACC). However, a disturbing Really, a pack of unin - pointer to this is the alleged formed or subtly corrupt PACC seeking of funds from interna - officials may well throw span - tional bodies for the execution of ners into the works at the presi - repatriation of stolen funds by dent’s efforts to recover these PACC. looted funds. This advisory commit - A better and less embar - tee is alleged to have received a rassing option could be the con - combined financial help of over tingency fee structures where $5 million already from interna - prospective recovery lawyers tional organizations such as the would be willing to do the work Ford foundation, MacArthur for a percentage or an agreed Foundation and the Foundation amount. This model is what was to Promote Open Society. used by Panama to fish out the In a report on a letter to corrupt riches of their former the Director of Global Witness, president Manuel Noriega from Simon Taylor dated February 15, all over the world and also of 2016, and signed by the Execu - Imelda Marcos in the Philip - tive Secretary of PACC, Bolaji pines. These professionals reach of the government. fugitives residing in the country. Owasanoye, PACC it is alleged abound all over the US and UK The UAE has become a Some of the other foreign juris - stated that the government and are best at what they do. Be - Mecca for Nigeria’s wealthy dictions, where the stolen funds needed huge flow of resources to yond the recovery of these loot, who are drawn by the expensive had been traced are Liechten - recover of these funds due to the which if statistics are to go by high rise properties, glitzy malls stein, Luxembourg, Switzerland, multi-jurisdiction of the cases, are already ringing in trillions, and ritzy hotels in the oil-rich the United Kingdom and the and the exorbitant charges of the government needs to put in country with billions of dollars United States. One of the latest professionals such as lawyers, place a master plan on how to allegedly stolen from the coun - discoveries included a US$ 550 forensic financial investigators, keep appropriate records of the try’s treasury by former govern - million in a coded account in and so on. recovered funds and how these ment officials believed to have France. It doesn’t seem like a funds will be expended. been stashed in banks and in - The government must of good signal that a Presidential This welcome mantra of vested in properties in Dubai and neccesity make sure that those Advisory Committee on Corrup - change must not be allowed to Abu Dhabi, two of UAE’s most employed in the recovery chain tion (PACC) could be writing to become an odious verbicide. prominent cities. of these funds do not also create non-governmental organizations With the signing of the avenues within where they make abroad soliciting funds to fight Fagraeeymeonts tehe gFovreronmwentn casn amto nEey fFromC thCe ex’esrc iIser. respcoorrnuptsioinb in lthee c oOuntpry. ePeropale tional Manner Ekiti State Governor, Mr Ayo - honour the EFCC invitation. Nicholas Arinse Vs EFCC & evidence that Fani-Kayode re - dele Fayose has frowned at the According to the gover - Nigerian Army where the judge fused to honour EFCC invita - persistent harassment of Nigeri - nor’s Special Assistant on Public held that the EFCC did not be - tion. ans by the Economic and Finan - Communications and New have as if we were in a civilised cial Crimes Commission Media, Lere Olayinka, “EFCC society and that the anti-graft “Why the show of barbarism by (EFCC), describing the contin - under President Mohammadu commission was behaving as if the EFCC as if Nigeria is now ued detention without trial of Buhari is acting as if it is above we were in a military dictator - back to 1984 when Buhari was a Mr. Warimopei Dudafa, a former the law and Nigerians and the in - ship, where they arrest and re - military dictator?” Special Assistant on Domestic ternational community must re - lease person at will. “In the case While calling on the in - Affairs to ex-President Good - mind the commission that we are of the former Special Assistant ternational community to pay at - luck Jonathan and invasion of in a democracy where rule of on Domestic Affairs to ex-Pres - tention to the abuse of rights of the Abuja residence of former law is sacrosanct.” ident Jonathan, no one is saying Nigerians and threat to democ - Minister of Aviation, Chief Femi The governor said ac - those suspected of corrupt prac - racy under President Buhari, Fani-Kayode as irresponsible, tions of the EFCC have shown tices should not be investigated Fayose said; “It is obvious that barbaric and undemocratic. clearly that it is an instrument of and tried, but it is wrong for Wa - democracy in Nigeria is becom - Governor Fayose said it victimisation against oppositions rimopei Dudafa to have been ing unsafe in the hands of was the height of executive ras - in the country, adding the anti- kept in EFCC custody for over Buhari’s government.” cality for the EFCC to have held graft agency should go and study two weeks without trial.