Nigeria seeks global action on repatriation of stolen funds

Vice President Yemi Osinbajo has called on global leaders, experts and the international community to develop appropriate mechanism to dismantle safe havens and ensure repatriation of stolen funds and assets to the countries of origin.

Since assuming office on May 29, the President Muhammadu Buhari-led government has been harping on the recovery of funds looted by government officials.

Osinbajo also urged the international community to pay attention to the plight of the poor across the world, arguing that the promotion of social inclusion was central to issues of development.

Speaking at the ongoing third United Nations conference on Financing for Development in Addis Ababa, the vice president sought the help of the African continent in tracking and repatriating stollen funds.

“This conference must come up with a mechanism for dismantling safe havens and the return of stolen funds and assets to the countries of origin as mandated in the United Nations Conventions Against Corruption and Transnational Organised Crime,” he said.

Nigeria welcomes the report of the African Union High-level panel on illicit financial flow from Africa and called on the international community to assist Africa “stop, track and repatriate illicit funds,” he said.

On social inclusion, he recalled that during the last global financial crisis, nations and governments worked out a bailout that took care of the situation, and then wondered that “if we can bail out the rich, why not bail out the poor who have neither voice nor representation.”

The vice president threw a strong challenge to the global leaders gathered at the conference at the Ethiopian capital from around the world, including the Secretary-General of the United Nations, Ban Ki-moon.

According to him, “I challenge the global community to develop and implement unconventional social safety nets to address the scourge of poverty, hunger, disease and misery.”

The President Muhammadu Buhari administration is “committed to set appropriate spending targets on social services to address poverty, hunger, inequality and unemployment particularly among the youths,” he said.