President Muhammadu Buhari
There was panic among corrupt incumbent and former government
officials Tuesday after news filtered in that President Muhammadu Buhari
has signed agreements with the United Arab Emirate on repatriation of
stolen funds and extradition of culpable officials.
The Mutual Legal Assistance on Criminal and Commercial Matters, which
will allow the UAE government return monies hidden or invested in banks
and real estates in the country, was among a series of other bilateral
agreements signed by the President’s delegation, which was in the
country for the World Energy Forum.
Other agreements signed with the government of that country included:
Avoidance of Double Taxation Agreement, Agreement on Trade Promotion
and Protection, Judicial Agreements on Extradition, Transfer of
Sentenced Persons.
PREMIUM TIMES learnt that three of these agreements – the Judicial
Agreement on Extradition, Transfer of Sentenced Persons and Mutual Legal
Assistance on Criminal and Commercial Matters – are particularly giving
those who may have hidden their ill-gotten wealth in the country a lot
of worries.
According to multiple security sources, as the news of the signing of
the agreements broke, some ex-officials started making frantic efforts
to either escape from that country or relocate their slush funds out of
the reach of the government.
The UAE has become a Mecca for Nigeria’s wealthy who are drawn by the
expensive high rise properties, glitzy malls and ritzy hotels in the
oil-rich country.
A security source who has been investigating the pattern of Nigeria’s
investment in the country told PREMIUM TIMES that at least $200 billion
allegedly stolen from the country’s treasury by former government
officials is believed to have been stashed in banks and invested in
properties in Dubai and Abu Dhabi, two of UAE’s most prominent cities
With the signing of the agreements the government can now actively
demand the repatriation of funds hidden in the country by convicted
former officials as well as demand the extradition of other Nigerian
fugitives residing in the country.
Before now, the UAE was a fortress of some sort for corrupt government officials escaping justice at home.
SOURCE: premiumtimesng.com
Before now, the UAE was a fortress of some sort for corrupt government officials escaping justice at home.
SOURCE: premiumtimesng.com
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