The Attorney General of the Federation and Minister of Justice ABUBAKAR MALAMI signed a Memorandum of Understanding between Nigeria and the UK to facilitate the transfer.
MALAMI said the MOU spells out detailed guideline that will govern the procedure for the return of stolen assets from the United Kingdom in a prompt and timely manner.
In his remarks during the ceremony in Abuja yesterday, ABUBAKAR MALAMI said it was a historic occasion for both countries.
The Justice Minister said the MOU reflects the strong desire and willingness of both Nigeria and the UK to continue cooperation and mutual support in the return of all recovered assets.
He said the objective of the MOU depicts that the process of returning stolen assets was based on mutual understanding, confidence and trust.
The Minister said both countries recognize that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated.
Furthermore, the Attorney General of the Federation said the fundamental purpose of asset return process was to enable funds that had been grossly misappropriated to be applied to either the same project or new ones as may be determined by the Nigerian government.
ABUBAKAR MALAMI equally used the opportunity to assure Nigerians that nobody will steal funds that are meant for the people of Nigeria.
MALAMI emphasized that all the procedure geared towards effective and efficient asset recovery adopted under his office since his assumption of office in November last year had been transparent.
He also declared willingness to give account of all activities of the Ministry of Justice to the Nigerian public.
Making further clarifications; the Minister said based on the position of the law in Nigeria, all recovered funds are to be paid directly into the consolidated revenue account.
However; he noted that the ideal situation was not upheld by the previous administration.
A statement released by the Ministry of Justice and signed by the Assistant Director of Information noted that the UK Minister of State for Immigration, ROBERT GOODWILL led a delegation of the British Government to sign the MOU on the transfer of recovered stolen assets from Nigeria.
