UAE, UK Promote Illicit Financial Outflows That Hurt Nigeria – HEDA Boss
Security Chiefs, public officials, major culprits
Investigators have revealed that about N17 billion worth of assets stolen from Nigeria annually, are laundered in the United Arab Emirates UAE and the United Kingdom UK.
This was a revelation made at an international event organised by the Human and Environmental Development Agenda, HEDA and other foreign and local development partners, on Tuesday, at the Sheraton Hotels, Abuja.
TheFact Nigeria reports that the chairman of HEDA, Olanrewaju Suraju, while speaking at the event themed, “Fixing Financial Flows: A critical Review of UK and UAE Policies, Laws and Practices in Financial and Non-Financial Institutions”, said the illicit financial outflows from Nigeria have continued to hurt the vulnerable poor, fuel violence and constitute threats to the moral authority of the Nigerian state.
Other revelations made at the event are that about 800 assets worth $400 million stolen from Nigeria and domiciled in various cities in the United Arab Emirates (UAE) have been traced to 13 Nigerian security chiefs and public officials.
Of the 800 assets said to have been uncovered by investigators, the 13 security chiefs are discovered to own 216, while the remaining 584 have been traced to Nigerian public officials.
Suraju further said that the UAE and the UK have been facing attacks for failing to live up to international obligations with regards to curbing illicit financial flows which are largely perpetrated by politically exposed persons.
