Why Nigerian govt withholds assets under litigation – Presidency

Why Nigerian govt withholds assets under litigation – Presidency

Special Assistant to President Muhammadu Buhari on financial crimes, Abiodun Aikomo, has explained the reason Federal Government withholds asset suspected to have been illegally acquired and subject to litigation.

He gave the explanation in Abuja on Tuesday September 11 at the International Conference on Combating Illicit Financial Flows and Enhancing Asset Recovery for Sustainable Development.

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The event was organized by the Presidential Advisory Committee Against Corruption, PACAC.

It seeks among others to proffer ways to improve sanctions and enforcement mechanisms for perpetrators of illicit financial lows and other acts of corruption; to improve international cooperation in enhancing asset recovery and asset return.

The two-day event was the second in its series, bringing economic and other experts from across the world.

He said: “There are so many laws in Nigeria which people violate, which people take advantage of to steal money. When they steal the money and take it out, the nature of the fund, the asset, most of the time, will change.

“Sometimes, it will be kept by trust, like your niece, beneficial ownership scheme. The nature changes. What we do is if someone is subject to investigation or prosecution in Nigeria, we know that when the person go through the court process, the prosecution process, and it is concluded, one of the things that the court will arrive at or conclusion, apart from fine, imprisonment is forfeiture of those assets that are implicated.

“And, we know, even in civil matters, a court is supposed to guide its jurisdiction jealously, and ensure its judgment does not come to nought. That is why assets subject to litigations, even in civil are protected.

“So, in a criminal aspect, we trace and follow the assets with a view to holding it, so that when the judgment is concluded in Nigeria, it does not become nothing.”

Why Nigerian govt withholds assets under litigation – Presidency

Why Nigerian govt withholds assets under litigation – Presidency

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