Buhari Engages Foreign Assets Tracing Firms To Investigate, Trace Assets Corruptly Acquired

President Muhammadu Buhari says his administration have retained the services of one of the world’s leading assets tracing firms to investigate and trace assets globally that were corruptly acquired by Nigerians.

The President dropped this hint in his Democracy Day address to the nation on Tuesday.

According to him, the development was part of the various policy measures already put in place to stem the tide of corrupt practice which be said are yielding remarkable results.

Besides engaging the foreign firms, his administration is also exploiting the provisions of existing Treaties, Conventions as well as Bilateral Agreements with Multilateral bodies and Nations in the fight against corruption, he said.

“We have retained the services of one of the world’s leading assets tracing firms to investigate and trace assets globally. This is in addition to the exploitation of provisions of existing Treaties, Conventions as well as Bilateral Agreements with Multilateral bodies and Nations. Nigeria has also signed Mutual Legal Assistance Agreements to ensure that there is no hiding place for fugitives, the President added.

He asserted, “Like I have always said, ‘if we don’t kill corruption, corruption will destroy the country.’ Three years into this Administration, Nigerians and the international community have begun to applaud our policies and determination to fight corruption.

“We are more than ever before determined to win this war, however hard the road is. I, therefore, appeal to all well-meaning Nigerians to continue to support us in this fight,” President Buhari added in his Democracy Day speech.

According to him, the Treasury Single Account (TSA) has realized Billions of Naira being saved from maintenance fee payable to banks adding that N200 Billion has also been saved from elimination of ghost workers in public service.

President Bihari also revealed that the Whistle-Blowing Policy has helped to recover over N500 Billion adding that the Presidential Initiative on Continuous Audit set up with a mandate to validate controls, assess risks, prune personnel costs, ensure compliance with Public Financial Management reforms has helped to identify and remove over 52,000 ghost workers from the Federal Government MDAs Payroll;

“The Voluntary Asset and Income Declaration Scheme (VAIDS) aimed at expanding tax education and awareness has offered the opportunity for tax defaulters to regularise their status in order to enjoy the amnesty of forgiveness on overdue interest, penalties and the assurance of non-prosecution or subject to tax investigations.

“The Sovereign Wealth Fund project portfolio has been expanded with an injection of US$650 million so as to strengthen its investment in local infrastructure, power, health, re-construction of Abuja-Kano road, Lagos-Ibadan Expressway, East West Road (Section V) and the Mambilla Hydro-electric Power project as well as the construction of the 2nd Niger Bridge.

“The fight against corruption through the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission has resulted in recoveries of Billions of Naira, as well as forfeiture of various forms of assets. This alongside other efforts has improved Nigeria’s international image and regional cooperation”.