The recent bilateral agreement signed between Nigeria and United Arab Emirate (UAE) called the Sovereign
Act on repatriation of illegal loots believed to have been kept in Dubai by corrupt government officials. Nigeria is a signatory to Article 7 of the Vienna Convention on the law of treaties of 1969. For me it was a remarkable development that will not checkmate the spate of corruption being perpetuated by the few privileged Nigerians especially the political office holders but public servants who have in one way or the other siphoned public resources into private pockets and investments in safe havens across the globe.
For Mr. President and millions of Nigerians who live below poverty level, it was one of the most important steps that will benefit of Nigeria’s economy, security and the anti-corruption war within and outside the country at large.
Already, certain legislative frameworks have been packaged by the House of Representatives and indeed the National Assembly that will complement ongoing efforts by the present administration to tackle corruption.
One of the bills which is in my possession was sponsored by Jones Onyereri, chairman House Committee on Banking and Currency. It has scaled through second reading but yet to be considered at the second reading. It should be one of the bills that will be considered when the House finally resumes in a forthnight.
According to the provisions of the bill, it provides for the establishment of Nigerian Assets Management Agency, which will charged with the responsibility of managing all government assets including those seized, forfeited or taken over by federal security bodies.
According to the sponsor of the bill, Jones Onyereri, Chairman, House Committee on Banking and Currency, the agency when established will be responsible for management of all assets including those seized, forfeited or taken over by Federal Government bodies Such as Economic and Financial Crimes Commission (EFCC), ICPC, Police, Nigeria Customs Service, Independent Corrupt Practices and other related offences (ICPC), Nigerian Immigration Service, Nigerian Security and Civil Defence, Nigerian Port Authority, National Civil Aviation Authority (NCAA), among others.
The agency which is to be headed by a serving or retired official of any government land agency not below the rank of a Director with at least 15 years cognate experience in land administration, will be empowered to acquire forfeited assets including: monies, buildings, fields, facilities, filling stations, shares, bonds, stocks, vehicles, factories, machinery, animals, farms and economic trees, within and outside the country through seizure, forfeiture, take over or transfer by security agencies empowered to do so.
Section 14 of the bill also empowered it to collaborate with government bodies both within and outside Nigeria in carrying on functions wholly or in part analogous with those of the Agency concerning: identification, determination, of the whereabouts of Federal Government property and asset(s) located and situated in any part of the world; lodging of proceeds derived from the Agency to any designated account established by the Agency; exchange of personnel or other experts; establishment and maintenance of a system for monitoring Federal Government asset(s); maintaining data, statistics, records and reports on proceeds, properties, documents of Federal Government assets as well as take all necessary steps to protect by guarding against vandalisation or illegal conversion of the Federal Government assets. According to the bill seen by BusinessDay, the agency when operational is to obtain the best achievable monetary returns on the said Federal Government assets or other acquired by it in pursuance of the provisions of this bill, having regard to the need to protect or otherwise enhance the long term viable economic value of those assets; cost of acquiring and managing those assets; any guidelines or direction issued by the President as well as adoption of measures to identify, trace, freeze, confiscate or seize proceeds derived from rental and sales activities of Federal Government assets related or the properties the value of which corresponds to such proceeds. In carrying out the recovery procedure, the Chief Judge of the Federal High Court may designate any Judge of the court to hear matters for the recovery of Federal Government assets. Section 22 which provides for the offences, penalties and enforcement, stated that : “Any person, government agency or body who: sells, disposes, misappropriates, damages, or destroys willfully any asset(s) formally seized, forfeited, taken over or transferred to it under this bill; or without any lawful jurisdiction deliberately withholds, omits or refuses to transfer any asset(s) to the agency as provided by this bill, commits an offence and shall be liable on conviction. “In the case of an individual to a fine of not less than N250,000 or imprisonment for a term of not less than 5 years or both and shall be liable to pay compensation for asset(s) sold, disposed misappropriated, damaged or destroyed. “In the case of a government agency or body corporate to a fine of not less than N10 million and in addition the Directors of the corporate body or principal officers of such agency shall each be liable to pay a fine of not less than N250,000 or imprisonment for a term not less than 5 years or both.
KEHINDE AKINTOLA
