Home Youth empowerment FG’s recovery of $322m in funds laid the foundation to lift 100m Nigerians out of poverty

FG’s recovery of $322m in funds laid the foundation to lift 100m Nigerians out of poverty

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Federal Attorney General and Minister of Justice Abubakar Malami, SAN, said the $322 million in looted assets recovered (as of 2017) in Switzerland helped the federal government lay a solid foundation to pull out $100 million of Nigerians from poverty.

AGF explained that the funds are being channeled through social investment programs such as the National Home Grown School Feeding Program, N-power Job Creation and the Youth Empowerment Program , among others.

He therefore called for international support and cross-border collaboration between countries to ensure an effective fight against illicit financial flows.

This was revealed in a statement made available to reporters on Saturday by Dr Umar Jibrilu Gwandu, AGF’s special assistant for media and public relations.

Malami addressed relevant stakeholders in the United States on “Food Security Response: Combating Illicit Financial Flows and Ensuring the Return of Assets for Sustainable Development.

The event was organized by the African Peer Review Mechanism (APRM) of the New Partnership for Agricultural Development (NEPAD) and the Economic and Financial Crime Commission (EFCC), on the sidelines of the 77th session of the United Nations General Assembly in New York USA on Friday.

Malami said transformative solutions to the thorny issues of international financial flows (IFF), looting, internet-related crimes and other threats to global economic growth and development will surely require bilateral cooperation from all stakeholders.

Malami added that such cooperation was relevant as the United Nations General Assembly had already supported the “promotion of international cooperation to combat illicit financial flows and strengthen good practices in asset recovery in order to foster the sustainable development”.

He noted that African countries also suffer from these illicit financial flows as they negatively affect
the African Union’s Agenda 2063 tends towards an integrated approach,
a prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force on the international scene.

“Indeed, these challenges are truly intertwined and have tested our collective ability to design innovative solutions,” added Malami.

The statement reads in part:

“According to Malami, the vision can only be realized when the key to life, ‘food’ is secured and secured, saying that “the fight against illicit financial flows, in terms of blocking leaks and recovering looted assets , will open the door to unleash much-needed investments in productive sectors, including food security.

“Malami said Nigeria has demonstrated the feasibility of applying returned looted assets for sustainable development.

“Malami said the food security response has been placed at the top of Africa’s 2022 agenda to align with the global sustainable development goal of ending hunger, achieving food security, improve nutrition and promote sustainable agriculture by 2030.

“He noted that the crisis experienced in the world as well as the onslaught of terrorism and crime continue to exacerbate the challenges to world peace posed by famine, malnutrition, disease, climate change which, according to him, continue to contribute to the deterioration of the global economy.

“While emphasizing the link between illicit financial flows and food security, Malami cited reports from law enforcement agencies, particularly the Economic and Financial Crimes Commission (EFCC), which showed that IFFS undermine development efforts, including food security.

“He said that the federal government has put in place laws and frameworks to combat IFFs, noting that this year President Muhammad Buhari signed the Prevention and Prohibition of Money Laundering Act (2022 ), the Proceeds of Crime Act, among others.”