The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has in New York dismissed any talk of negation with Process and Industrial Development (P&ID) Limited, describing the firm as fraudulent.
The company recently secured a ruling in a London Court to seize Nigeria’s assets worth $9.6billion over a breach of contractual agreement, a judgment that Nigeria is fiercely contesting.
Speaking at the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the EFCC on Wednesday night on the margins of the 74th United Nations General Assembly, the anti-graft boss listed some of the sources of illicit financial flows in Nigeria, naming what he said is the international conspiracy of P&ID to defraud the country.
He said: “The source of illicit financial flow (IFF) is hydra-headed with dirty tentacles such as illegal mining, kidnapping, terrorism, militancy, smuggling, crude oil theft and other forms of organized crimes, and attendant effects of non-sustainable development in the country.
“In fact, the recent one is international conspiracy to defraud Nigeria of over $9.6 billion, which is about one-third of our budget and that constitutes about one-fourth of our national reserve, by people who are completely fraudulent. Complete.
“There is no legality whatsoever. So, we should not even negotiate with them.”
Speaking on what he said was the task to develop the African continent and other regions of the world, he noted that illicit financial flow is a major hindrance towards achieving the development objectives.
He affirmed that illicit financial is not only a drag on peace, security and development but was injurious to smaller countries whose resources are exploited.
He, therefore, advised the UN to come up with resolutions to strengthen the laws against illicit financial flows.
Magu spoke of the consequences of preventing illicit financial assets from returning to their countries of origin.
The EFCC boss added: “I want to restate a few things. One, in the task to develop continents, countries, regions, few things are amiss.
“But the major one is that illicit financial flows are fundamental drag on peace, development and security.
“It’s been long known that illicit financial flows have caused instability in various countries of the world. Therefore any effort to develop any country or for any country to be respected, it must deal with illicit financial flows.
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“In particular, illicit financial flows are more injurious to countries that are small or have resources that are exploited and the benefits of that exploitation are not seen in those countries.
“Everyone knows that what is given as aid to affected countries is not up to a quarter of what is stolen as illicit financial flows.
“Therefore, the fight for legislation to halt illicit financial flows is a very serious one. The danger of blocking confirmed stolen assets return to affected countries is a serious one.
The first victim is the rule law.
“The UN takes the rule of law extremely seriously. So, therefore all efforts to ensure stolen assets are returned without conditions must be well followed.
“The question of the connection between corruption and crime and wanton destruction of natural resources is also well known.
“We all know that in most countries, laws are not enacted because of corruption to protect very very rich private corporations that have no desire for peace, security and development of countries.
“The ills this caused are mostly felt in countries that are weak but this corruption affects all countries because other criminal activities are also springing up in such countries where such funds are taken.
“Let me, therefore, state that at the level of the General Assembly, resolutions taken to strengthen illicit financial flows will be tightened, member states should be encouraged to see that they lend their voices in this direction.
“Nigeria led this with the support of Norway, Sweden and other countries. The implication is that this is no longer an issue for Africa. Many countries have seen the necessity to lean their voices to what is right.
“Let me reassure that the EFCC is committed to work alongside other organizations that seek to bring justice and development through the return of illicitly stolen assets.”
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