• Privacy Policy
  • Terms
  • About us
  • Contact Us
Saturday, August 20, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Foreign

Buhari, others demand repatriation of stolen assets

The Matters Press by The Matters Press
September 26, 2019
Reading Time: 2 mins read
0
Buhari, others demand repatriation of stolen assets

Buhari and others

Buhari and others

President Muhammadu Buhari and his Zambian and Ethiopian counterparts have called for unity among African countries to demand unconditional repatriation of assets stolen from the continent.

RELATED POSTS

BPE, group partner on investment opportunities in Nigeria

Taxation important to countries’ development

BPE, group collaborate on investment opportunities in Nigeria

The call came at a high-level event on Illicit Financial Flows (IFFs) held on the sidelines of the ongoing 74th United Nations General Assembly in New York on September 25, 2019.

The theme of the event was “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development”.

ALSO READ  AfDB approves 115m Euros for Rwanda’s water

According to some estimates, illicit financial flows from Africa is as much as 50 billion dollars annually.

In his address, Buhari stated that Nigeria alone lost about 157.5 billion dollars to IFFs between 2003 and 2012.

He said although his administration had recovered “millions of dollars stolen from our country” in the last five years, a lot more was still stuck in foreign bank accounts.

According to him, a combination of “international laws, different jurisdictions and justice systems”, make it deliberately difficult for repatriation

Buhari noted that any lasting solution to the challenges would require international cooperation and coordination.

“Therefore, here lies a role for the African Union. The New Partnership for African Development (NEPAD) must be supported to play a critical role in securing the cooperation of African countries and their international counterparts”, he said.

ALSO READ  Emirates Airlines sets to cut operations in Nigeria due to FOREX crisis

The president of Ethiopia, Sahlework Zewede, described IFFs and the recovery and repatriation of stolen assets as complex subjects.

Zewede said “innovative solutions require sustained discussion among countries and various stakeholders in the spirit of partnership and shared responsibility”.

For his part, the President of Zambia, Edger Lungu, highlighted some challenges faced by African governments in effectively tackling IFFs.

Lungu listed them to include lack of harmonisation in the legal and institutional frameworks and ineffective coordination between different jurisdictions.

These, in addition to “ineffective border control and in some cases conflicts between national and regional interests are indeed notable challenges”.

ALSO READ  Nigeria, UK-based group in deal on Africa’s Intellectual Property

He, therefore, called for a harmonisation of legal and institutional frameworks to effectively tackle the monster.

President of the UN General Assembly, Amb. Tijani Muhammad-Bande, pledged the support of the organ to member state’s and organisations that seek return of stolen money hidden abroad.

Tags: AfricaAssets
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Edo unveils plans for investment desks
Business

BPE, group partner on investment opportunities in Nigeria

August 19, 2022
2020 Finance Bill prescribes tax incentives
Business

Taxation important to countries’ development

August 19, 2022
BPE to implement 42 transactions in 2022 work plan
Business

BPE, group collaborate on investment opportunities in Nigeria

August 19, 2022
Greedy Nigerians fall victims of Ponzi schemes
Business

Ponzi schemes, cancer to capital market — SEC

August 19, 2022
SEC frowns at resurgence of Ponzi schemes
Business

SEC to sanction stakeholders over unclaimed dividends

August 19, 2022
Retail price of kerosene increases by 98.76%
Business

Retail price of kerosene increases by 98.76%

August 19, 2022
Next Post
Nigeria suffered mind-boggling mismanagement – Buhari

Nigeria loses $157b to illicit financial flow

Rice farmers from poverty to wealth

Closure of borders excite rice farmers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Kenya hits the globe for oil investment

OPEC reports drop in Nigeria’s crude oil production

April 15, 2022

Coronavirus: How to avoid overeating when working from home

November 30, 2021
22 African nations in debt crisis

DMO, IMF differ over Nigeria’s debt sustainability

February 13, 2022

Popular Stories

  • Rising prices of goods causes protests in Morocco

    Rising prices of goods causes protests in Morocco

    0 shares
    Share 0 Tweet 0
  • INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • BPE, group partner on investment opportunities in Nigeria
  • Taxation important to countries’ development
  • BPE, group collaborate on investment opportunities in Nigeria

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • News
  • Oil, gas, solid mineral
  • Opinion
  • Photo
  • Politics
  • Security
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?