Nigeria demands return of crime proceeds
Nigeria is using legal and diplomatic channels to ensure the return of all stolen funds stashed abroad, Executive Secretary of the Presidential Advisory Committee against Corruption in Nigeria, Prof Bolaji Owasanoye has told a conference in Britain.
He also urged western governments to repatriate to Nigeria all the “Disgorged profits” and fines imposed on companies caught giving bribes in Nigeria.
He said the West is shortchanging Nigeria by appropriating such fines and profits, both of which he said needed to be returned to Nigeria in accordance with the United Nations Convention against Corruption.
Many big corporations were fined in Europe and America for giving bribes in Nigeria and some had assets confiscated.
He said: “Developed countries need to do more to prevent, recover and return proceeds of illicit financial flows by big corporates.”
Participants at the conference discussed strategies for whistle blowing and tracking property purchased from proceeds of bribery and corruption in the UK.
Facilitated by Dr Gbenga Oduntan of Kent Law School, the conference was hosted by the University of Kent, in collaboration with The Corner House, Global Witness, and Human and Environmental Development Agenda.
A number of Nigerians - some of whom were sponsored by McArthur Foundation - travelled to the UK to participate at the conference.