It was heartwarming when President Muhammadu Buhari took the bull by the horn again at the 72nd summit of the United Nations, convened in New York, United States of America. There, he drew instant attention as he made a case for the intervention of world leaders in efforts to repatriate Nigeria’s looted funds, stashed away in various bank accounts in Europe and the Americas.
Twice, Buhari had expressed dismay that some countries, where the looted funds were domiciled, had been reluctant to release the funds to the government of Nigeria, despite concerted efforts by his administration to reclaim the loot. The President, apparently, had been unhappy with what was considered as unnecessary bottlenecks and various finance technicalities to frustrate Nigeria’s determined moves to trace monies stolen from state coffers and stashed or laundered abroad.
critics see the anti-graft agency as a toothless bull dog, designed to attack the foes of the government in power. Their reason is that most of the anti-corruption crusades, being handled by the agency, had ended in fiasco or were tactically abandoned
While it is commendable that Buhari raised his voice on this critical issue before the right audience at the UN Summit, it is doubtful if his demand on the western leaders would not whiff pass as mere rhetoric, the scenario of one brimming with sound and fury, that amount to nothing.
Our concern, really, is whether the approach of the Federal Government would work, or not, because, history has it that similar requests had come from other African leaders but were merely swept under the carpet, in the aftermath.
In most cases, critics believe whenever issues relating to the economic freedom or liberation of Africa or a particular country of interest to the West is being discussed at a crucial parley as the UN’s, those who should listen would probably go askance, not showing the needed interest.
Yet, there was a glimmer of hope recently, for Nigerian masses whose trillions had been stolen and ferried abroad. In April, this year, two of the most powerful nations on earth, where the lion’s shares of Nigerian looted money are believed to be kept – United Kingdom and United States – broke their silence on the vexed issue.
Both countries spoke clearly for the first time about the possible release of Nigeria’s looted funds and offered to disclose assets being the proceeds of such loot, and then unveil the faces of the thieves.
“Britain has promised to provide Nigeria with the information about who owns what and where; that’s very helpful. These include all the houses that have been bought by public officials or accounts that are held by public officials on which they are right now not paying taxes, or which they cannot explain the sources,” Executive Secretary, Presidential Advisory Committee Against Corruption, Prof. Bolaji Owosanoye, had recently
disclosed.
Curiously, despite this assurance, nothing has, till date, been heard from both the UK and US governments.
Rather than that promise being kept, the country has had to grapple with hurdles between it and the repatriation of $550 million worth of loot already recovered by the US government from one of the accounts of one of Nigeria’s former military heads of state, the late General Sani Abacha. Nigeria is even said to be at the risk of losing the huge sum.
Out of the Abacha loot, Switzerland also seized over $505.5 million between 2004 and 2006. Besides, the UK reportedly recovered $2.7 million from a former governor of Bayelsa State, Chief Diepreye Alamieyeseigha’s account in London in 2005. Not only that, Alamieyeseigha’s home and other real estate as at 2005, were estimated at over $15 million. But recompensing Nigeria for these looted sums, regrettably, is unattainable.
While we agree with the Federal Government that it is necessary to call for the support of world leaders, we also believe that it is important not to fully rely on that alone, as the handwriting is already on the wall, that the foreign governments will not repatriate a dime to Nigeria.
Instead of appealing to the conscience of the leaders of the western nations, it is time for President Buhari to take more drastic measures to recover Nigeria’s stolen funds in the till of the foreign banks.
He should set up a team of local and foreign lawyers to initiate legal proceedings in the appropriate jurisdictions for the recovery and repatriation of the nation’s looted
wealth.
It is clear that the western governments won’t readily support the repatriation of stolen funds, since their economies are benefiting from such funds. In spite of several promises earlier made, the British government did not return any fund under former Prime Minister David Cameron. In the same vein, former US President Barrack Obama did not repatriate any stolen fund to Nigeria.
Therefore, there is the need to strengthen the Economic and Financial Crimes Commission by giving it a new focus of a truly independent body that is equipped enough to fight corruption cases and expeditiously obtain justice through the country’s
judiciary.
Often, critics see the anti-graft agency as a toothless bull dog, designed to attack the foes of the government in power. Their reason is that most of the anti-corruption crusades, being handled by the agency, had ended in fiasco or were tactically abandoned.
A drastic approach at the federal level in ensuring that looted funds are recovered and culprits brought to book at home, will be more assuring than appealing to the West, asking them to repatriate our stolen funds; funds that are helping to oil their economies!
