Connect with us

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.

He spoke about Non Conviction-based Asset Recovery and Conviction-based Asset Recovery and submitted that considerable successes have been achieved through the two modalities.

 “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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Freight Monitor

Freight forwarding business under threat as Customs Agents lament high cost of goods clearance at ports

We are diversifying into other businesses to stay afloat– ANLCA Chieftain cries out.

Funso OLOJO 
This is not the best of times for freight forwarders who ply their trade at the Nigerian ports.
This is because their cherished trade is under threat due to the astronomical increase in the cost of clearance of goods at the ports.
Due to the plethoral of charges slammed on importers/ Shippers at the Port, most of them could not afford to bring in as many containers as before while others have outrightly stopped the importation business.
This development, our reporter gathered, has therefore put the freight forwarding business on the brink of collapse due to lack of patronage.
According to the cost analysis of cargo clearance procedures at the Port, an average importer, using the Nigerian ports, pays more than six different exorbitant charges apart from customs duties.
For instance, before an importer could exit his goods from the ports, he pays the following charges.
a. N500,000 NAFDA Certification
b. N500,000 SON Certification
c.45 per cent( up from 30 per cent) terminal operators and shipping companies service fees/ charges
d. N 150,000 to N200,000 NESREA/ other Environmental Agencies charges
e. N45,000 per day demurrage on 20- footer container
f.N68,500 per day demurrage on 40- footer container
g.20 million Customs duty on 20- footer container
h.26 million Customs duty on 40- footer container.
In addition to these charges, the Nigerian Ports Authority (NPA) has recently increased its tariff by 15 percent.
It could also be recalled that the Nigeria Customs Service only recently put on hold the 4 per cent Free on Board (FOB) charge on imports due to the outcry of freight forwarders .
However, the FOB charge would eventually be reinstated later after sufficient consultations and sensitization are carried out by the customs.
Alhaji Mukaila Abdullaziz, the former Sole Administrator of the Association of Nigerian Licensed Customs Agents(ANLCA) said the listed bills are more than that.
“What you have just listed was an average cost, they are more than that” he declared with a hint of bitterness in his voice, when asked to confirm the cost analysis as the foremost freight forwarder in the industry.
” The Customs’ Federal Operations Unit(FOU) is still there.
“Their officers will lay siege on the road for a container that have already paid the exorbitant fees you have mentioned.
“They too will slam their panthom charges on the already exited container and if you don’t pay, they will impound it and take it to their office” the ANLCA Chieftain declared.
When asked how freight forwarders break even in the face of these multiple charges, Abdullaziz retorted;
” We are not breaking even .No agent is breaking even except the dare- devil ones who are ready to do anything to break even.
“But for some of us who are old hands on the job and have names to protect, we are not breaking even because we are not ready to compromise the system”
“That is why most of us have diversified into other businesses to stay afloat”.
“The freight forwarding industry is dead” he said with a hint of regret in his emotion – laden voice.
Our reporter could confirm that most of the old hands in the freight forwarding business have diversified into hospitality business as they are owners of choice hotels spread across Lagos and other commercial cities in Nigeria.
Continue Reading

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.

.

Continue Reading

Customs

Apapa Customs concludes three-day refresher training for promoted senior officers

Funso OLOJO 
The Nigeria Customs Service (NCS) Apapa Area Command has concluded
a three-day refresher training programme for its newly promoted Deputy Controllers (DCs) and Assistant Controllers (ACs).
Declaring the training open on Monday, 10 February 2025, the Customs Area Controller (CAC), Comptroller Babatunde Olomu, emphasised the Command’s commitment to continuous professional development.
“For newly promoted DCs, you are captains of vital entry and exit points and responsible for overseeing all operations, among others.
” Your leadership skill must be instrumental in optimising efficiency and maintaining the highest standards of professionalism within your terminals”, the CAC stated.
He also highlighted the newly promoted Assistant Comptrollers’ crucial role.
 “Similarly, for the ACs, you are gatekeepers responsible for the final checks and approvals that allow goods to move in and out of the port.
“Your attention to detail and understanding of regulation, among others, is paramount in preventing revenue leakages and ensuring national security”, he added.
Comptroller Olomu described the training as an interactive forum for sharing best practices, addressing challenges, and clarifying any ambiguities in Customs procedures.
He assured of the Service’s management team’s commitment to providing the necessary tools and support required for the success of personnel.
Continue Reading

Trending