Nigeria has reiterated its unwavering commitment to the fight against corruption, money laundering and illicit financial flows (IFFs) at a global rally of the United Nations Convention Against Corruption (UNCAC).
The Leader of the delegation of Nigeria and Attorney General and Minister of Justice, Mr. Lateef Fagbemi, SAN, expressed Nigeria’s commitment at the Tenth Conference of States Parties to the UNCAC held at the Georgia World Congress Centre in Atlanta, United States.
Fagbemi, who addressed the international gathering, underscored the threats posed by corruption, money laundering and IFFs to the development of Nigeria and other nations.
He said, “We note with great concerns the threats posed by corruption, money laundering and illicit financial flows to the country. Nigeria has suffered greatly from the damaging effect of corruption, money laundering and IFFs which has resulted in the loss of colossal amounts of money running into billions by the country.
“We are however taking some bold steps and measures to combat the vices including the opening of a beneficial ownership register. Asset recovery is the kernel of our anti-corruption fight. Let me reiterate Nigeria’s unwavering commitment to the fight against corruption, money laundering and IFFs.”
The Minister further stated that focus would be placed on opaque companies operating in the country while urging all states parties to the UNCAC to support the Nigerian Government’s efforts in combating corruption, money laundering and IFFs.
Meanwhile, the African Group at the United Nations has rallied a global action against Illicit Financial Flows, calling on foreign jurisdictions where stolen assets from Africa are domiciled to confiscate them and return them to the countries of origin.
The African Group at the United Nations is made up of 54 African Union member-states at the United Nations. The bloc holds regular meetings from guests and UN officials and discusses UN resolutions and topics to reach a common African position.
The Leader of the African Group, Ambassador Chola Milambo, who is also Zambia’s Permanent Representative to the United Nations, expressed the group’s regrets over the growth of illicit financial flows and its damaging effect on the continent.
Addressing the Tenth Conference of States Parties to the UNCAC at the Georgia World Congress Centre in Atlanta, United States, Milambo condemned the IFFs from Africa and called for a global action to halt it.
He said, “The African Group regrets the growth of illicit financial flows in the continent. Asset recovery is the fundamental principle of the United Nations Convention Against Corruption (UNCAC) and the African Group therefore enjoins member-countries to confiscate and return stolen assets from Africa to the countries of origin.
“The African Group fully welcomes and endorses the recommendations of the United Nations High Level Panel otherwise known as the FACTI Panel on asset recovery towards achieving the 2030 Sustainable Development Goals (SDGs).”
In addition, the African Group leader frowned at the high level of corruption and bribery aided by foreign conglomerates/multinational corporations and also called for global action to contain the debaucheries.
“The African Group underscores that the fight against corruption is a shared responsibility of all countries, and therefore a certain threshold must be agreed,” Milambo added.
Ghana, at the plenary session, expressed support for the African Union’s Common African Position on Asset Recovery (CAPAR) which the West African country admitted is an important tool for the return of African assets.
The CAPAR is a policy advocacy instrument aimed at assisting AU Member States to trace, identify, repatriate and subsequently effectively manage their assets, including items of cultural heritage, in a manner that respects their sovereignty and for the benefit of African peoples who are ultimately victims of illicit financial flows.
The policy instrument now stands as the best tool for Africa’s legal and technical framework in structuring the managing of the return of Africa’s stolen assets from the foreign jurisdictions in which they may be held into the rightful source countries.
The Nigerian delegation to the 10th CoSP includes the outgoing Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, SAN; former Inspector General of Police and Chairman of the Police Service Commission, Mr. Solomon Arase; Solicitor General of the Federation and Permanent Secretary, Federal Ministry of Justice, Mrs. Beatrice Jeddy-Agba; heads of anti-corruption agencies, senior officials of the Federal Ministry of Foreign Affairs and Federal Ministry of Justice.
The COSP is a biennial event, which brings together anti-corruption law practitioners, policy makers, private sector and the civil society to renew efforts in the fight to prevent and combat corruption.
The Tenth COSP provides an opportunity to take stock and renew global commitments to the implementation of the relevant legal instruments, especially the United Nations Convention Against Corruption (UNCAC) and COSP resolutions.
The session is expected to focus on the review of the implementation of the Convention, asset recovery, international cooperation, prevention amongst others.
Nigeria is a State Party to the UNCAC having signed the Convention in 2003 and ratified it in 2004.