Nigeria, UAE sign pact against stolen funds

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NIGERIA: PRESIDENT Muhammadu Buhari administration has moved to block the stashing of money stolen from Nigeria in banks and financial institutions in the United Arab Emirates (UAE).

Nigeria and UAE has signed the bilateral agreement to kick-start the initiative, apparently by the Buhari government to discourage the looting of money by some government officials and political office holders.

The pact – which deals with recovery and repatriation of stolen wealth – was part of the six signed by Buhari administration with its UAE counterpart in Abu Dhabi.

“The Minister of Justice, Abubakar Malami and his counterpart in the United Arab Emirates, Sultan Bin Saeed Albadi signed the Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of stolen wealth,” the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said.
The agreement, according to Adesina, was meant to enhance bilateral relations between the two countries.
“The signing of the agreements on trade, finance and judicial matters was witnessed by President Muhammadu Buhari and the Crown Prince of the United Arab Emirates, Sheikh Mohammed Bin Zayed Al Nahyan,” Adesina said in a release.
He stressed: “Nigeria’s Minister of Finance, Mrs. Kemi Adeosun and the UAE Minister of State for Financial Affairs, Obaid Attayar signed the Avoidance of Double Taxation Agreement, while the Minister of Trade and Investment, Mr Okechukwu Enelamah signed the Agreement on Trade Promotion and Protection with the UAE Minister of State for Financial Affairs.”
According to Adesina, the President at a reception after the signing of the agreements, reiterated his commitment to fighting corruption and restoring Nigeria’s dignity in the comity of nations.
“The President also urged all Islamic countries to support the fight against terrorism in Nigeria and denounce the atrocities of Boko Haram as un-Islamic and against the teachings of the Holy Prophet,” the special adviser said.
“In his remarks, Crown Prince Zayed Al Nahyan said that the relationship between Nigeria and the UAE will be strengthened by President Buhari’s visit and the signing of the agreements,” he further said.