The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami, on Wednesday disclosed that the Federal Government was targeting to rake in about N900 billion from offshore assets.
The earnings would be through the Voluntary Offshore Assets Regularisation Scheme (VOARS) as part of its drives to grow the nation’s tax revenue base in the years ahead.
The minister made the disclosure at the 3rd Annual Conference on Financial Fraud, Electoral Fraud and Cross-Border Crime organised by Forensic Insight and the Nigeria Police Force in Abuja
Specifically, Malami, who was represented on the occasion by the Special Assistant to the President on Financial Crimes, Mr. Abiodun Aikomo, projected that that the VOARS would earn the Federal Government estimated 2.5 billion Swiss Francs (approximately over N900 billion), and yield a new expanded tax base from which FGN will earn future tax revenue.
While noting that the Federal Government was worried by the criticisms that trailed some of its anti-corruption and asset recovery policies over the past few years, the minister maintained that most of the criticisms were driven by selfish motives of the critics.
For instance, the minister, who commented particularly on attacks that trailed the issuance of the Executive Order No. 6 of 2018 on the Preservation of Assets Connected with Corruption, explained that since the issuance of the Order in July 2018, series of litigations challenging its constitutionality had been commenced in the courts.
According to him, it is worrisome that the Executive Order 6 has come under serious criticisms even by ordinary Nigerians whose interest the policy seeks to protect.
Malami maintained that contrary to assumption by critics, the Executive Order No. 6 had legal backing.
He clarified: “There are several laws in Nigeria which permit the seizure and forfeiture of assets either temporarily or conclusively depending on the court ruling, unfortunately we observe that these laws have not been effectively implemented.
“The implication is that fraud suspects with huge financial war chest and our level of development coupled with the way the court system works around here, you are almost certain that nothing will come out of it because with limitless access to such funds, the suspects are able to influence the process”, the minister added.
He pointed out further that despite the challenges the current administration was contending with in its ongoing anti-graft drive, it was totally committed to the recovery of looted funds for the benefit of Nigerians.
According to him, government has recovered N13.8 billion from tax evaders under its Whistle Blower Policy, and another N7.8 billion, US$378 million and £27,800 in recoveries from public officials so far.
In his remarks at the forum, the Chief Executive Officer of Forensic Insight, Mr. Awotunji Aworinde, said that the conference would seek to analyse and evaluate anti-corruption measures of the Nigerian government, including the National Anti-Corruption Strategy document and their effectiveness in preventing corruption and corrupt practices, amongst other objectives.
It would be recalled that President Buhari had on July 5, 2018, signed the Executive Order No.6 directing relevant law enforcement agencies to ensure that persons undergoing corruption trial do not have access to their properties suspected to be proceeds of corruption.
With the Order, such assets valued at N50 million and above (subject to investigation or litigation) are protected from dissipation by employing all available lawful or statutory means including appropriate orders of court, pending the final determination of any corruption-related matter.
