The Human and Environmental Development Agenda, HEDA, Resource Centre, corroborated by foreign anti-corruption experts said during an international conference held in Abuja, that more than half of the $400million stolen funds are linked to only 13 Nigerian top security officials.

“Of the 800 Nigerian stolen illicit assets lodged in UAE, 13 law enforcement officials own 216 of them while 584 of the remaining assets are owned by Nigerian public officials,” HEDA said. The event held at the Sheraton Hotel in Abuja was on Fixing Financial Flows: A Critical Review of UK and UAE policies, laws, and Practices in Financial and Non-Financial Institutions.

In a communique issued at the end of the summit, participants said the UAE and the United Kingdom, represent some of the hosts of illicit financial flow from Nigeria estimated at some $17 billion every year between 2004 and 2013.

The communiqué states that “an estimated 17 billion dollars is lost every year to financial flows which hurt vulnerable poor, fuels violence and threat to the moral authority of the state.’” The participants said “fighting the transfer of stolen funds abroad cannot be handled by the government alone, it has to be a joint effort in collaboration with civil society, labor and all people-driven institutions.” 

“The number of voters has continued to decline which raises the prospect of Nigerians becoming strangers in their own country and projecting a gradual decline in public trust in the process that produce elected leaders.’

Olaide recalled that the total number of Nigerians that voted in the by-election held recently in South Eastern Nigeria is less than 3 percent of the eligible voters who took part in the election while in the last national elections, voting in the gubernatorial race recorded barely 17 percent of registered voters.’

The communiqué signed by HEDA Chairman Olanrewaju Suraju noted that the United Kingdom and UAE are culprits in the illicit financial flow from Nigeria and have been facing attacks for failing to live up to international obligations in curbing illicit financial flow.

“Politically exposed persons are not just politicians but also their families while enablers of illicit financial flow include dealers in precious minerals, professionals who enhance and sustain illicit financial flows. Nigeria should progressively review her international obligations like the UN Conventions on Corruption which has five focal points which included International cooperation, technical assistance, asset recovery and the Mutual Legal Assistance,” participants said in the communiqué. 

– Mar. 31, 2021 @ 11:56 GMT