President Muhammadu Buhari on Thursday ratified treaties between Nigeria and the United Arab Emirates to boost financial cooperation and ease the repatriation of illicit funds.
The treaties between Nigeria and UAE ratified by the President include agreement on Mutual Legal Assistance on Criminal Matters, Agreement on Mutual Legal Assistance in Civil and Commercial Matters, Agreement on the Transfer of Sentenced Persons and agreement on Extradition Treaty.
The agreements are in fulfillment of Nigeria’s international obligations and part of steps to boost the country’s economy, security and the anti-corruption war within and outside Nigeria, Buhari said shortly before signing the instruments of ratification.
The Government says it expects that the agreement will constitute a core component of its anti corruption strategy given the prominence of the United Arab Emirates as an investment destination for many Nigerians who go to invest illicitly acquired wealth. The agreements were signed between the two countries during President Buhari’s visit in January 2016.
Speaking shortly before signing the agreements at the First Lady’s conference room, the President said, “With this sovereign act, which has been replicated in the United Arab Emirates by their responsible authorities, we are now in a position to utilize these Agreements fully to foster cooperation between our respective authorities particularly for the purpose of prosecuting the anti-corruption campaign of this Government.”
He added that the full implementation of the agreement was delayed due to the need for both sides to conclude their respective ratification process.
President Buhari also signed treaties on African Tax Administration Forum Agreement on Mutual Assistance in Tax Matters as part of efforts to diversify the country’s revenue sources away from oil. The tax agreement is also expected to foster cooperation with other African countries to cultivate sources of tax revenues which were hitherto overlooked for greater mutual assistance in Nigeria and other countries.
Other treaties signed by the President include the Charter for the Lake Chad Basin between Nigeria, Cameroun, Central African Republic, Libya, Niger and the Republic of Chad, World Intellectual Property Organisation Performances and Phonograms Treaty, The World Intellectual Property Organization Treaty on Audio-Visual Performances and the Marrakesh Treaty to facilitate access to published works for persons who are blind, visually impaired or otherwise.
Attorney General of the Federation, Abubakar Malami explained the implications of the different agreements. According to him, the agreement on Mutual Legal Assistance in Criminal Matters between the two countries is to create a broad legal platform for cooperation between both countries in the administration of criminal law generally and other matters related to the investigation and prosecution of crimes and sharing of information and experience between authorities of notice countries.
On the Agreement on Mutual Legal Assistance in Civil and Commercial Matters, Malami said the agreement created a platform for assistance between both countries in civil and commercial matters which will in essence assist to institutionalize support for the Nigerian business community through commercial and civil protection and thus engender massive growth on both sides.
This agreement has a strong potential to promote commerce between both countries by strengthening the legal framework for the settlement of legal dispute and execution of court judgement in civil and commercial matters.
Malami also explained that the agreement on Transfer of Sentenced Persons will grant Nigeria the privilege of bringing back sentenced persons of Nigerian origin serving their terms in the United Arab Emirates to serve the same terms in Nigerian prisons. Where applicable, they will face investigations and prosecutions for the crimes inclusive of financial crimes that are committed in Nigeria before their apprehension in UAE.
The agreement on Extradition Treaty will create a legal platform for either country to make requests for the extradition of fugitives from justice found in each other’s territories. It will therefore give Nigerian government the necessary legal basis to request the extradition of Nigerians who may have absconded to UAE after committing crimes in Nigeria. It will ensure they face appropriate investigation and prosecution.
“There is however concurrent imperative to discourage and mutually convert illicit financial dealings by criminal elements who are engaged in financial money laundering and other financial crimes” Malami said.
The AGF explained that the agreement on African Tax Administration Forum Agreement on Mutual Assistance on Tax Matters signed by the President is designed to contribute to the efficacy of tax administration and improve public accountability.
“This is consistent with the vision of this government to significantly diversify our revenue resources away from oil by aggressively expanding the taxation rate through various strategies.
“It will also boost continental cooperation with our sisters African countries and thus cultivate sources of tax revenues which were hitherto overlooked for greater mutual assistance in Nigeria and other countries”.
