In a compelling address at the ongoing 10th session of the Conference of State Parties (COSP) to the United Nations Convention Against Corruption (UNCAC), Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), called for the urgent and unconditional return of Nigerian stolen assets stashed in foreign countries. The event, hosted at the Georgia World Congress Centre in Atlanta, witnessed the convergence of global leaders committed to combatting corruption.
Olukoyede emphasized the critical need for the repatriation of stolen assets, asserting that such a move is imperative for Nigeria’s economic growth and the broader global development landscape. Addressing a diverse audience on December 12, 2023, he underscored the transnational nature of economic and financial crimes, warning against any nation holding onto assets obtained through illicit means.
“We need the cooperation of all the countries that are custodians or in charge of warehousing all these stolen assets from Africa. It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption,” Olukoyede urged.
During his presentation, the EFCC’s chief highlighted Nigeria’s remarkable strides in asset recovery, crediting the legal and regulatory framework implemented by the Nigerian government. He outlined specific measures, including the enactment of the Proceeds of Crimes (Prevention and Prohibition) Act, 2022, civil forfeiture laws, and banking reforms mandating the use of Bank Verification Numbers (BVN) for transactions.
Olukoyede applauded President Bola Ahmed Tinubu’s commitment to driving asset recovery initiatives and ensuring greater financial discipline in Nigeria. He urged the global community to support Nigeria’s efforts, emphasizing the necessity for collaborative action in recovering assets traced to foreign jurisdictions.
The EFCC Chairman reiterated the importance of preventive measures in the fight against corruption, emphasizing the cost-effectiveness of prevention compared to enforcement. He pledged accountability and transparency in the application of recovered assets.
In an earlier address, Oliver Stolpe, the Nigerian Country Director of the United Nations Office on Drugs and Crime, commended Nigeria as the “world’s champion in asset recovery.” Stolpe praised the country’s leadership in pursuing and successfully recovering assets, positioning Nigeria as a beacon of anti-corruption efforts on the African continent.
The 10th session of COSP, a platform fostering international cooperation against corruption, is set to conclude on Friday, December 15, 2023.
