Vice President Yemi Osinbajo has, in Paris, France, today, Thursday, expressed the difficulty which Nigerian government is currently encountering in getting other countries to repatriate funds stolen by Nigerians and kept in those countries.
“The tracing, freezing and return of stolen assets has proved in many cases to be exceptionally difficult for most African countries. We in Nigeria have seen just how difficult it is to get back stolen assets from the international financial system: banks that ought not have received those funds in the first place if the most routine questions were asked.”
Osinbajo, who spoke at the Global Anti-Corruption Forum insisted that countries hosting global financial centers, and other usually targeted destinations of illicit flows must be held more accountable to enforce mechanisms which ensure transparency of ownership, control, beneficial ownerships, trusts and other legal contrivances that may be used to camouflage financial or other assets.
Saying that a robust global framework on repatriation of stolen assets which ensures quick restitution to victim countries is long overdue, the Nigeria’s Vice President noted that there is consensus that corruption and illicit financial flows out of Africa, inexorably delay the attainment of development goals, worsen practically all human development indices and trap the majority of her people, especially the most vulnerable in a cycle of misery.
“Only a united global action has the power to reverse this trend. We respectfully urge that this power be exercised more vigorously and without further delay.” [myad]
