With the signing of a pact by the
Federal Government and the United Arab Emirates (UAE) yesterday, the
coast is clear for the Federal Government to seize assets of 22
politically exposed persons and businessmen in Dubai.
The funds traced to them, which are believed to have been looted, are to be frozen and repatriated to Nigeria.
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the signing of a pact by the Federal Government and the United Arab
Emirates (UAE) yesterday, the coast is clear for the Federal Government
to seize assets of 22 politically exposed persons and businessmen in
Dubai.
The funds traced to them, which are believed to have been looted, are to be frozen and repatriated to Nigeria.
All
the 22 former political leaders and businessmen are being investigated
by the Economic and Financial Crimes Commission (EFCC).
The ratification of the six agreements between the two countries delayed the seizure of the assets, The Nation learnt yesterday.
From
the records at the Land Registry in the UAE, most of the properties
have been traced for forfeiture with the UAE authorities.
Under
investigation are seven former governors, seven ex-ministers, four
businessmen, a former chieftain of the Peoples Democratic Party (PDP), a
former Comptroller-General of the Nigerian Customs Service, a former
presidential assistant indicted in the $2.1billion arms deals and a
former First Lady who allegedly used fronts to acquire some choice
properties.
Two of the assets have been traced to a former
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who was
implicated by the United States Department of Justice as a beneficiary
of $1.5billion laundered cash.
Assets of some business associates of the ex-minister may also be attached, a source close to the investigation said.
Also under searchlight are about five luxury properties allegedly linked with a former official of the defunct Oceanic Bank.
Following
a state visit to the UAE by President Muhammadu Buhari on January 19,
2016 , the Federal Government signed six agreements with the Emirates.
Some
aspects of the understanding border on Judicial Agreements on
Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on
Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial
Matters (the recovery and repatriation of stolen wealth).
A
source, who pleaded not to be named, said: “With the signing of the
agreements, a major hurdle has been cleared and this will enable us to
proceed with the application for the seizure of the assets of more than
22 highly-placed Nigerians who have been under probe for alleged money
laundering.
“Before the pact, the UAE law mandates any foreign
anti-graft agency to seek the consent of the owner of any property being
verified before you can have access to same. But now, the anti-graft
agencies in Nigeria can send a list of suspected assets to the UAE
authorities through the Ministry of Justice and the Ministry of Foreign
Affairs and the Mutual Legal Assistance will be invoked.
“Our
task is made easier because the Land Registry System is digitalised in a
manner that it will not take five minutes to obtain information on
anyone suspected of money laundering.
“The onus is on us to
present sufficient facts on why some of these assets should be seized.
We will show evidence of corrupt practices, the laundering of public
funds and the purchase of the suspected assets with looted funds.”
Responding
to a question, the source added: “The EFCC has secured Mareva
Injunction to freeze some foreign accounts and seize some assets linked
with some of these highly placed Nigerians in some jurisdictions.”
Some
of the off-shore financial institutions, where accounts are frozen,
include BNP Paribas (Switzerland), LGT Bank (Switzerland), Standard
Chartered Bank (London),Barclays Bank (London), Standard Energy (Voduz,
Switzerland), HSBC (London), Corner Bank (Lugano, Switzerland) and
Deutsche Bank (Geneva).
according to the source, “with the
indictment of a former Minister of Petroleum Resources, Mrs. Diezani
Alison-Madueke, by the US Department of Justice and her two alleged
business associates, seizing their assets will be easier”.
Besides,
said the official, the conviction of a former Oceanic Bank official by
a court in Nigeria was enough to seize any assets linked to her.
“We
are set to go with the seizure of eight apartments. But out of the
eight identified, two apartments linked with Diezani are marked as J5
Emirates Hills (30million Dirham) and E146 Emirates Hills valued at
44million Dirham,” the source said.
The former governors, include
one from the Southsouth, two from Northcentral, two from the Northeast,
one from the Northwest, and one from the Southwest.
“We also
have the case of a former-governor who failed in his bid to transfer
about $517million loot to Dominican Republic from the UAE. We will want
to seize the cash,” the official said.
Sections 7 of 28 and 34 of
the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High
Court Act, 2004 mandate the agency to seize suspicious assets.
Section
7 says: “The commission has power to (a) cause any investigations to be
conducted as to whether any person, corporate body or organisation has
committed any offence under this Act or other law relating to economic
and financial crimes.
“(b) Cause investigations to be conducted
into the properties of any person if it appears to the commission that
the person’s lifestyle and extent of the properties are not justified by
his source of income.”
Sections 28 and 34 of the EFCC
(Establishment Act) 2004 and Section 13(1) of the Federal High Court
Act, 2004 empower the anti-graft agency to invoke Interim Assets
Forfeiture Clause.
“Section 28 of the EFCC Act reads: ‘Where a
person is arrested for an offence under this Act, the Commission shall
immediately trace and attach all the assets and properties of the person
acquired as a result of such economic or financial crime and shall
thereafter cause to be obtained an interim attachment order from the
Court.’
Section 13 of the Federal High Court Act reads in part:
“The Court may grant an injunction or appoint a receiver by an
interlocutory order in all cases in which it appears to the Court to be
just or convenient so to do.
(2) Any such order may be made either unconditionally or on such terms and conditions as the Court thinks just.”
The
Chairman of the Senate Committee on Foreign and Domestic Debts, Senator
Shehu Sani said over $200 billion had been hidden in UAE.
He
said: “Over $200 billion is stashed away from Nigeria to Dubai alone.
This may be the monies stolen since in the past 20 years. I am not
talking about estates and bonds and other securities bought with Nigeria
stolen money.”
The anti-money laundering policy of UAE Central
Bank reads: “Any person who commits, or attempts to commit, a Money
Laundering offence shall be punished by imprisonment of up to 10 years
and or a fine of between AED 100,000 and AED 500,000.
”In cases
of multiple perpetrators, the Court subject to its discretion, may
exempt a perpetrator from the imprisonment penalty if he takes the
initiative and reports the crime to the competent authorities prior to
the knowledge of such authorities and if his actions lead to the arrest
of the other perpetrators or seizure of the laundered money.
”Any
establishment that commits an offence of money laundering, financing of
terrorism or financing of any unlawful organizations, shall be punished
by a fine of AED 300,000 and AED 1,000,000.
”Failure to report a
suspicious transaction shall be punishable by imprisonment and /or a
fine of between AED 50,000 and AED 300,000.
”Tipping off a person
being investigated regarding a suspicious transaction shall be
punishable by imprisonment of up to one year and/ or a fine of between
AED10,000 and AED 100,000.
”Violation of the requirements of Airport Declarations shall be punishable by imprisonment and or a fine.”
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