Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has demanded the immediate and unconditional repatriation of stolen Nigerian property that has been hidden abroad.
The Chairman of the EFCC appealed at the ongoing 10th session of the Conference of State Parties, or COSP, to the United Nations Convention Against Corruption (UNCAC), according to a statement released by the organization’s spokeswoman, Dele Oyewale, on Thursday.
Olukoyede stated at the conference that the foreign nations that continue to hang onto the stolen property from Africa are just erecting obstacles in the way of the recovery of those assets and subtly supporting the criminals.
According to him, the repatriation of the pilfered assets kept in other jurisdictions will support both the extension of Nigeria’s borders for development and its economic growth.
He stressed that no country acting as a custodian of stolen assets should continue to hang on to them, warning that economic and financial crimes had become worldwide.
“All the countries that are in charge of storing all these stolen assets from Africa must cooperate with us,” he declared. It is now vitally crucial to us that you view yourselves as partners. Retaining such assets will make it extremely difficult to retrieve them through the judicial system.
The head of the EFCC outlined the accomplishments of the Commission in asset recovery in a report titled “Asset recovery efforts and successes of Nigeria so far,” noting that they had made significant progress in locating, looking into, and prosecuting those who had obtained illicit assets both inside and outside of Nigeria.
“We will only be able to see you as a friend if you are willing to support us in recovering such assets that have been traced to your jurisdiction,” he said, reinforcing the need for the international community to assist Nigeria in its attempts to reclaim its assets.
He praised President Bola Ahmed Tinubu’s bravery and dedication in spearheading the EFCC’s and other anti-graft agencies’ asset recovery activities and gave assurances to the world that stronger financial discipline is now in place in Nigeria.
While reassuring the public of the commission’s commitment to fostering accountability and transparency in recovered assets, he also revealed that the commission has adopted a preventive framework as a measure against corruption, arguing that it is less expensive to prevent financial crimes than to enforce them.
Oliver Stolpe, the country director of the United Nations Office on Drugs and Crime for Nigeria, praised Nigeria’s asset recovery efforts earlier in his speech and called the country the “world’s champion in asset recovery.”