The Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has made a resounding call for the immediate and unconditional return of Nigerian stolen assets currently held in foreign countries. Speaking at the 10th session of the Conference of State Parties to the United Nations Convention Against Corruption (COSP) held at the Georgia World Congress Centre in Atlanta, United States, Olukoyede emphasized the urgent need for the repatriation of these assets to bolster Nigeria’s economic growth and foster development both within and beyond its borders.
Highlighting the increasingly transnational nature of economic and financial crimes, Olukoyede warned against the reluctance of custodial nations in returning stolen assets, citing the resultant legal and moral implications. Stressing the importance of international cooperation, he urged all countries in possession of these assets to view Nigeria as a partner in the global fight against corruption, emphasizing that the ripple effects of such crimes transcend national boundaries, ultimately impacting the global financial landscape.
In his impassioned address to the global audience, Olukoyede underscored Nigeria’s significant achievements in the realm of asset recovery, attributing these triumphs to the robust legal and regulatory frameworks established by the Nigerian government. He outlined various measures taken to facilitate the recovery process, including the enactment of the Proceeds of Crimes (Prevention and Prohibition) Act, 2022, as well as the utilization of civil forfeiture laws and stringent banking reforms. Furthermore, he emphasized the collaborative efforts between the EFCC and other anti-corruption agencies in effectively tracing, investigating, and prosecuting illicit assets within and beyond the Nigerian borders.
Reiterating the critical role of global support in Nigeria’s asset recovery endeavors, Olukoyede called upon the international community to stand in solidarity with Nigeria, emphasizing that cooperation in repatriating stolen assets would solidify bilateral relations and mutually contribute to the global crackdown on financial crimes. Commending President Bola Ahmed Tinubu for his unwavering commitment to driving these initiatives, Olukoyede assured the world of Nigeria’s dedication to upholding enhanced financial accountability and transparency.
Emphasizing preventive measures as a pivotal strategy in combating financial crimes, Olukoyede pledged to prioritize proactive mechanisms, heralding a new era of stringent accountability and transparency in Nigeria’s asset recovery operations.
Furthermore, Oliver Stolpe, the Nigerian country director of the United Nations Office on Drugs and Crime, lauded Nigeria’s exemplary efforts in asset recovery, hailing the nation as a “world’s champion in asset recovery” and commending its numerous successful cases and substantial recoveries.
As the 10th session of COSP draws to a close, Olukoyede’s compelling plea for global solidarity in the recovery of stolen assets serves as a poignant call to action, resonating with a diverse global audience and paving the way for heightened international collaboration in combating economic and financial crimes.
