The Federal of government has solicited the support of the African Network for Environment and Economic Justice (ANEEJ) and the United states to track foreign exchange data and recover looted monies.
David Ugolor, executive director of ANEEJ who made this known on Wednesday at civil society engagement on asset recovery said the federal ministry of justice solicited it’s support. He noted that there is a trade data between the US and the Nigerian government saying a software has been developed to track the foreign exchange.
He explained that the Nigerian economy is not growing because most private sectors have acess to foreign exchange in the Central Bank at an official rate. He revealed that the private sectors take the money at the official rate and do what is called “round tripping’.
Ugolor added that some of the local Bereau de change popularly called “Malam” trade on behalf of the private sectors.
“There is a software now to track these kind of data and with the cooperation of the US customs. We can do something with the Nigerian government to pool some percentage of the money that will be recovered and channel for social development”, he said.
Also speaking at the engagement, Aaron Bonstein an Anti-corruption Advisor called on the Nigerian government to adopt the “philantropication thru Privatization” (PtP) project to manage recovered assets.
Bonstein explained that the PtP project will ensure that stolen money are channelled through independent foundation that will invest the assets and not through government programmes so as to ensure sustainable financing of development projects, attract investment and will also serve as an alternative source of funding for government.
He noted that the project has been implemented in 27 countries through about 600 foundations with over $185 b. According to him, civil society organisation should be involved in the decisions of how recovered money ahould be spent.
Godsgift Onyedinefu Abuja
