Osinbajo canvasses sanctions against banks in Illicit funds transfer

(Last Updated On: June 6, 2017)



By James, Michael Igiri

Following an event organized by the Presidential Advisory Committee Against

Corruption (PACAC), in collaboration with the Ministry of Justice, Acting President,

Yemi Osinbajo, has called for sanctions against banks and financial institutions

involved in illicit flows of financial assets from the country.

He spoke yesterday at the conference organised to promote international cooperation

in combating illicit financial flows and enhancing asset recovery between Nigeria and other world economies.

Noting that it is not possible for illicit transfer of assets to be successfully effected without the connivance of both local and destination financial institutions, Prof Osinbajo called for delegitimizing and criminalization of the activities of supporting financial institutions so as to equally bring them to justice.

“There is no way it will happen without some form of connivance,” the Acting President stated.

The Professor of Law and Senior Advocate of Nigeria, however urged African nations to intensify efforts at recovering funds illicitly transferred as according to him; it is not enough to talk about it.

Chairman, PACAC, Professor Itse Sagay, revealed that 55 top government officials and private businessmen illicitly diverted N1.35 trillion and $7.5 million between 2006 and 2013.

Meanwhile, the Federal Government has revealed that it will be expanding its Executive Order to cover lager areas as long as there is capacity from the local industries in order to avoid monopoly. In the same vein, Minister of Information and Culture, Alhaji Lai Mohammed, after

an inspection tour of Innoson Vehicle Manufacturing Company Ltd in Nnewi, said that the Federal Government would ensure the implementation of the Executive Order by patronizing made in Nigeria products, as it is the only way you can create jobs.

Mohammed noted that the ingenuity of Innoson represents, “the new Nigeria that Nigerians are clamouring for”, adding that the company is already putting Nigeria on the global map of vehicle manufacturing.

Also, the Presidency has dismissed an article by a Nigerian historian, Max Siollun that Nigeria faces imminent political and constitutional crisis on account of President Buhari’s absence to attend to his health in London.

It said it is misleading to compare President Buhari’s case to that of the late President Umaru Musa Yar’Adua, adding that the circumstances are completely different.

Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, yesterday explained that unlike President Yar’Adua, President Buhari has duly complied with the constitutional requirements by formally notifying the National Assembly of his intention to go for medical treatment and handed over to Professor Yemi Osinbajo as Acting President.