Former chairman of the Economic and Financial Crimes Commission , EFCC, Nuhu Ribadu has commended the ongoing battle against corruption.
The anti-corruption czar said President Muhammadu Buhari had the requisite ‘political will’ to stamp out graft from the system.
Speaking at an anti-corruption forum in Abuja on Wednesday, the pioneer EFCC boss held that the ability to defeat had become the most glaring reputation of the present administration, urging Nigerians to rally behind him.
The National Stakeholders Workshop on Recovery and Management of Recovered Assets was organised by the Presidential Advisory Committee on Corruption at Transcorp Hilton Hotel, Abuja.
Ribadu began his presentation with an analysis of the assets forfeiture policy of the government and its potential impact on the larger society.
“Asset forfeiture is an integral component of the anti-corruption work as it serves many purposes within the anticorruption framework,” he said.
“First, it serves as restitution in the sense that what was ill gotten is returned to the right owner(s).”
Assets forfeiture functions as deterrence to others as those who illegally enrich themselves get stripped of that wealth overnight, Mr. Ribadu said.
“Similarly, through proceeds of final asset forfeiture, government can make extra money that can be channelled to projects that would enable growth and development of the state,” he said.
Ribadu said a shift towards anti- corruption could not have come at a more appropriate time, owing primarily to the “political will” of Buhari to face the monster.
“I see in the present leadership, specifically the President, the will to allow the war to be fought without interference and the eagerness to support it in whatever way possible. These two points are important prerequisite in winning the anti-corruption war.”
Ribadu said a “specialised element of the anticorruption process, asset recovery requires professional and dedicated people comprising investigators, prosecutors and managers to handle it jointly for effectiveness and to drive the maximum benefits.
“Whatever success that is made of forfeiture or recoveries depend on the thoroughness of investigation and diligence of prosecution and ability of investigators to trace whatever is traceable and recoverable. The success of asset forfeiture begins with the investigation.”
Ribadu, however, called for more transparency in government’s handling of assets under forfeiture, saying a forced eviction of residents of a property or closure of a company locked in forfeiture battle with the government could deal a major dent on the anti-corruption campaign.
“It should also be made sure that the right of the individual to enjoy the ownership and use of his property is guaranteed. This calls for flexibility so as not to be harmful to the society in the process of restraining an asset by way of sending innocent workers away from work when businesses are forced to close.
“In doing all this, transparency and accountability are very key to whatever we do. To forestall any suspicion or false alarm we placed emphasis on transparent handling of recoveries through effective management which will safeguard the recovered assets from depreciation, movement or destruction, especially before final forfeiture.”
Ribadu said a major example during the time he undertook the measure as EFCC chairman was the “restraint we exercised in handling many cases including Globacom, Honda Place and The Sun newspapers.”
“We prioritised saving the businesses by considering the larger picture than just shutting down the premises.”
