Nigeria Signs MoU with Ireland to Recover $6.3m Forfeited Assets

Nigeria Signs

Nigeria Signs MoU with
Ireland to Recover $6.3m Forfeited Assets

The Federal Republic
of Nigeria has signed a Memorandum of Understanding
(MOU) with the Government of Ireland for the
return of $6.3 million (equivalent
of 5.49million Euros), regarding the return,
disposition and management of certain forfeited assets.

The agreement was
reached today at the Office of the Honourable Attorney General of
the Federation (HAGF) in Abuja, on Tuesday,
11^th August, 2020.

In his brief remarks
after signing the MOU on behalf of Nigeria Government, the HAGF,
Abubakar Malami SAN said, the Federal Republic of Nigeria through
its legal representatives went to court to assert its right over
the Abacha stolen funds sized in Ireland by the High Court of
Ireland in 2015.

“On
10^th December, 2019, the FG sought for an order
pursuant to section 3(3) of the 1996 act to discharge or vary the
order of 16^th March, 2015. Following the hearing of
the augment from the FG and Government of Ireland, the high court
on 15^th June, 2020 in the exercise of his function,
ordered that the stolen assets recovered from the Abacha family
should be transferred to the FG for the benefit of Nigerians
subject to the execution of a MOU between the two Governments”
Malami explained.

He expressed his
delight over Nigeria and Ireland conclusion on the negotiation of
the return of $6.3million (equivalent
of 5.49million Euros. According to him, “this
had demonstrated that International cooperation and mutual trust
can lead to great benefit for citizens in developing countries,
where more than half of the population still live below poverty
line”.

Malami noted that,
“The Federal Ministry of Justice has obtained presidential approval
to sign the MOU on behalf of the Government of Nigeria. Therefore,
today, I have the privilege to sign this MOU on behalf of FG. The
Minister of Justice and equality, Ms Helen McEntee, TD is also
signing the counterpart MOU in Ireland”.

However, the Minister
maintained that, “the most salient aspect of the MOU is that, the
stolen fund that is now being returned to Nigeria will be applied
to the infrastructure projects under the supervision of the Nigeria
Social Investment Authority (NSIA) to ensure the completion of
on-going work of the 2^nd Niger Bridge, Abuja –Kano
Express Way and the Lagos-Ibadan road. Adding that, these projects
will benefit millions of Nigeria”.

The Honourable
Minister assured that the implementation of the MOU will be
monitored by the identified Civil Society Organisations (CSO) to be
recruited under the project and would also be audited by an
independent auditor in line with best practices.

Modupe
Ogundoro

1. Deputy Director