THE Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Suleiman Kwari, has said that the mismanagement of recovered assets, as well as illicit financial flows, have very serious and direct implications on the economy of developing nations like Nigeria.
He assured that the National Assembly would continue to work with relevant stakeholders to address the challenge, stating that the Assembly was currently working to provide legal and regulatory framework to address illicit financial flows.
The Committee Chair, who made the disclosure during a virtual meeting to discuss strategies on Asset Recovery and Illicit Financial Flows, expressed concern that the absence of a robust Public Interest Disclosure law, as well as laws that protect witnesses, had affected the realisation of set goals.
He said the Senate was already putting in place requisite regulatory framework to address the problem.
The forum is the first virtual meeting to review and adopt post resolutions strategies on UNCAC Resolution 8/9 on Asset Recovery as well as the UN General Assembly Resolution 74/206 on Illicit Financial Flows (IFF).
He said Nigeria was getting it right in the quest to address corruption.
While he assured that his committee would further consider the deliberations for legislative action, Kwari noted that the National Assembly was keen on implementing resolutions aimed at addressing illicit financial flows, as well as those that would lead to recovery of stolen assets.
He said, “We are critically examining the nuances surrounding the legal framework required for the enactment of the Public Interest Disclosure (whistleBlower) and the Witness Protection bills. Both bills will help to address the negative impact of mismanagement of some recovered assets.
“On behalf of the National Assembly, I assure you of our commitment to supporting the outcomes of this review by providing the legal framework for implementing the adopted strategies.”
The lawmaker said the National Assembly would do everything possible to put in place, a legal framework for the prudent and efficient management of recovered and forfeited assets, which had been a source of concern for all the stakeholders.
He thanked participants at the meeting, which included top officials of the Ministry of Foreign Affairs, heads of relevant desks on the Ministry in Vienna and New York, the team of the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), led by Madam Lilian Ekeanyanwu, as well as Law Enforcement and Anti-Corruption Agencies, including the Chairman of ICPC, Bolaji Owasanoye.
