Headlines
EFCC seeks global collaboration to recover illicit assets stashed abroad

The Eyewitness Reporter
Bothered by the issue of illicit financial flows and assets, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for greater collaboration among law enforcement agencies worldwide to trace illicit assets and recover and reintegrate them into the rightful financial systems.He made the call on Friday, September 6th, 2024 while leading discussions at Session 16 at the just concluded International Symposium on Economic Crime at the University of Cambridge, United Kingdom.
He pointed out that navigating the challenges in recovering illicit assets and blocking Illicit Financial Flows (IFFs)is indeed a multifaceted endeavour that demands collaboration and shared responsibility.
He particularly threw a responsibility at destination countries where stolen funds and assets are being warehoused, stressing that no recovery of illicit assets can succeed without their readiness to expose and block all avenues for illicit flow of funds.
“In our pursuit of asset recovery, we advocate for a more concerted effort by destination countries to prevent the entry of illicit funds’, he said.
In this context, he pointed at the need for due diligence processes, improved regulatory frameworks and closer cooperation among origin and destination countries.
Olukoyede, who spoke through the Special Assistant to the President on Prosecution of Economic Crimes, Mr. Rotimi Oyedepo, (SAN) explained further that legal and moral obligations are imperative to build a financial system that is resistant to the infiltration of illicit funds.
To achieve this, he sued for effective mutual legal assistance, information sharing and joint initiatives to address the root causes of illicit financial flows.
He intimated the audience with what Nigeria has been doing in its asset recovery efforts especially the integration of key principles of the Common African Position on Asset Recovery, CAPAR, into it.
“These principles include promotion of transparency and accountability in financial institutions, alignment of legal and taxation systems with international standards, advocacy for simplified legal procedures in destination countries, and holding facilitators of illicit financial flows accountable”, he said.
In another presentation by Oyedepo on the efforts of Nigerian government in the areas of asset forfeiture, he clearly stated that no stone is being left unturned in the country to recover illicit assets.
“Legal frameworks being used in Nigeria are yielding robust benefits”, he said.
“We need the collaboration of every nation to offer us assistance and responses whenever we seek such, especially in our efforts to recover illicit assets stashed overseas”, he said.
The 41st International Symposium on Economic Crime, which was held in Cambridge, United Kingdom, came to an end on Sunday, September 8th, 2024.
Freight Monitor
Freight forwarding business under threat as Customs Agents lament high cost of goods clearance at ports

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Headlines
Dantsoho,NPA MD, plays host to Japanese agency, Vicky Haastrup for strategic collaborations

Funso OLOJO
In continuation of his strategic engagements with institutions and individuals that would drive the operational efficiency of the agency, the Managing Director of the Nigerian Ports Authority (NPA), Abdulahi Datsotho, has played host to Chief Representative of the Japan International Cooperation Agency (JICA) Mr. Yuzurio Susumu at the NPA Headquarters Marina.
The meeting focused on harnessing the technical and allied synergies necessary to actualize the Dantsoho-led Management team’s quest to deepen the eco-friendliness of Nigerian Ports through renewable energy and increased automation.
JICA is an implementing agency of Japanese Official Development Aid (ODA) for the purpose of supporting the socioeconomic development and economic stability of developing regions.,
Similarly, Dr Dantsoho received in audience Olori Vicky Ayodele Haastrup, the wife of His Imperial Majesty, Oba Clement Adesuyi Haastrup, Ajimoko III, Owa Obokun Adimula and Paramount Ruler of Ijesaland at the NPA Headquarters.
Princess Vicky Haastrup, who is also Chairperson Seaport Terminal Operators Association of Nigeria (STOAN) pledged the institution’s support for the Dantsoho-led management team’s renewed effort at advancing the frontiers of trade facilitation.
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