Ribadu urges Buhari’s Government to Seize more Assets

Mallam Nuhu Ribadu, former chairman of the Economic and Financial Crimes Commission (EFCC) and Presidential Aspirant on Wednesday said seizure of assets of looters is an integral part of the war against corruption.

The Nation reports that Ribadu commended the political will shown by President Muhammadu Buhari to allow the war to be fought without interference.

Ribadu added that Nigeria had recorded unprecedented recoveries and high profile cases under EFCC chairman Ibrahim Magu and said his own era as the chairman of the anti-graft agency had returned to the EFCC.

The Politician who contested his state Governorship election spoke at the National Stakeholders Workshop on Recovery and Management of Recovered Assets, organised by the Presidential Advisory Committee Against Corruption (PACAC), in collaboration with the Commonwealth Secretariat.

The former EFCC chairman stated that international cooperation and linkages helped the EFCC in successfully tracing and recovering assets of former governors Joshua Dariye, DSP Alamieyeseigha and James Ibori and Mr. Emmanuel Nwude.

He however lamented that some lawyers took advantage of the probe of the $180m Halliburton scam to milk the nation dry.

Ribadu urged the EFCC and the present government to not relent in the corruption fight and to reclaim assets lost to the criminal activities of fraudulent public officials.

“Asset forfeiture is an integral component of the anti-corruption work as it serves many purposes within the framework.

“First, it serves as restitution in the sense that what was ill-gotten is returned to the right owner(s). It also functions as deterrence to others as those who illegally enrich themselves get stripped of that wealth overnight.

“Similarly, through proceeds of final assets forfeiture, government can make extra money that can be channeled to projects that would enable growth and development of the state,” Ribadu said.

PACAC Chairman, Prof Itsay Sagay (SAN) said if Ribadu had not been removed, maybe corruption would not have become so endemic. He said developing strategies for recovery of stolen assets would act as a deterrent to looters.

“Seizure of assets is more painful to them than imprisonment,” Sagay said.

PACAC Executive Secretary Prof Bolaji Owasanoye said between $20billion and $40billion is stolen annually from developing countries.

According to him, seizure is important to the asset recovery process as it ensures the blockage or preservation of assets.