Fidelity bank banner Bayelsa State banner
FG to begin Voluntary Asset Repatriation Scheme as VAIDS expires

By Habiba Broger on 24/06/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 313

•Minister of Justice, Abubakar Malami
•Minister of Justice, Abubakar Malami

Nigeria is set to partner foreign consultants, comprising legal practitioners and other experts in Switzerland on a voluntary offshore asset repatriation scheme.

This is coming barely one week to the expiration of the Voluntary Assets and Income Declaration Scheme (VAIDS) which was extended to June 30 by President Muhammadu Buhari after the initial grace period lapsed.

Mr Abubakar Malami, the Minister of Justice, disclosed this to the News Agency of Nigeria (NAN) in Bern, Switzerland on the sideline of a meeting held at the Nigerian Embassy.

Malami said that under the scheme, experts would collaborate with the Swiss Government to target funds that have not been identified in ongoing investigations.

It would be recalled that since 2015, $322 million looted funds have been repatriated from Switzerland.

According to Malami, Switzerland has been chosen as the pilot nation for the scheme, given the existing partnership on asset repatriation between both countries.

“The success of the scheme in Switzerland will determine the inclusion of other nations,’’ the minister said.

He said Nigeria government was also involved in other international repatriation processes, noting the recent tripartite meeting held in the UK between Nigeria, US and the State of Jersey on asset recovery.

Speaking on the utilisation of the repatriated funds, Malami said that the monies were being channelled into various projects, closely monitored by the World Bank and the Swiss Civil Society Organisations.

“In a Memorandum of Understanding (MoU) on Repatriation, signed between Nigeria and Switzerland, there are check mechanisms embedded in the agreement.

“These checks and balances will see to the effective and transparent utilisation of the monies repatriated.’’

“These include monitoring by the world bank, the participation of the Swiss civil society and agreement of targeted projects, especially those related to social investments such as school feeding, entrepreneurial and skill acquisition programmes of the Federal government,’’ Malami said

He pledged the government’s continued commitment to preventing corruption; legislation, enforcement and recovery strategies in the campaign against corruption.

The minister noted that the Treasury Single Account (TSA) and electronic salary payment scheme (IPPIS) were among measures being applied to block leakages and loopholes in fostering corruption. (NAN)

 

Source News Express

Posted 24/06/2018 7:25:54 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Jega can be sacked any time —Fayose •Dismisses...

African Development Bank approves N40 billion for Abia...

Akwa Ibom Govt. demolishes illegal markets, makeshift shops...

It will be a hazy Sunday with reduced...

Man sentenced to prison for cutlass attack

MOSOP at war with Pastor who described Ogoni...

UNICEF discovers additional 750,000 Boko Haram victims, doubles...

Kebbi Govt. to settle N2bn WAEC, NECO examination,...

Nigeria seeks new strategies to lure foreign investors...

Breaking News: Upper Iweka, the most prominent road...

Nigerians slash National Assembly’s Budget from N127bn to...

INVESTIGATION: Former DG NEMA, Sidi Ali, maintained 20...

 

Latest News Petition at ICC alleges ‘serious crimes’, ‘credible and troubling allegations’ against Buhari Impeachment Saga: Imo Deputy Governor breaks silence, says: ‘As long as there is God in heaven, I shall never fail’ Boko Haram Terrorists Regrouping In Borno – Army 2 Police Officers killed in Kaduna ambush •2 attackers gunned down 17 APC aspirants jostle to succeed Aregbesola My security yet to be restored 72 hours after election – Fayose Why parliament must unravel the mystery surrounding recovered loots, assets — Dogara Principal, staff, students injured as invaders storm school Security fears force Ekiti Assembly to adjourn till October WAEC releases results of Lagos public school candidates •Why the results were delayed Police ‘accidental discharge’ kills woman in Kaduna FG to begin enrolment of military personnel on IPPIS

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (361,818 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,328 views) Shameless Genevieve Nnaji exposes breasts in public (286,668 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,247 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,458 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,529 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,414 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,354 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,271 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,656 views) Lagos plane crash: Journalist releases victims’ names (147,551 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,809 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,347) Business Verdict (45) Columnists (886) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (284) International (2,136) Interview (157) Live Commentary (28) Love Matters (127) News (37,211) Opinion (1,024) Pidgin (10) Politics (5,596) Religion (783) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement