UN adopts Nigeria-sponsored resolution on illicit financial flows

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The Federal Government says the United Nation’s adoption of Nigeria-sponsored resolution on combating illicit financial flows is in tandem with the anti-corruption crusade of President Muhammadu Buhari’s administration.

The Minister of Foreign Affairs, Geoffrey Onyeama, told the UN correspondent of the News Agency of Nigeria (NAN) in New York that the administration’s anti-corruption crusade now has international legal backing.

The UN General Assembly had adopted, by consensus, the Nigeria-sponsored resolution on: “Promotion of international cooperation to combat illicit financial flows in order to foster sustainable development”.

The resolution reiterated “its deep concern about the impact of illicit financial flows, in particular those caused by tax evasion and corruption, on the economic, social and political stability and development of societies”.

Mr. Onyeama said the adopted resolution would greatly facilitate Nigeria’s efforts to have some of its funds stashed in foreign financial institutions, repatriated back to the country.

“The adoption of the Resolution on Illicit Financial Flows is something that is in sync with the anti-corruption policy of this administration,” he said.

“Also, I think we have to congratulate Mr President because what he has promised to do is to now take this whole issue and get it at the top of the international agenda.

“Getting the anti-corruption crusade at the top of the international agenda is no mean feat.

“So we are really delighted that there is now some international legal backing for this crusade.

“We certainly hope to draw on this resolution to help us in our efforts to have restitution of a lot of Nigerian funds that have been stashed away in foreign countries.”

The Minister also commended the diplomatic skills of the officials at the Permanent Mission of Nigeria for the achievement.

“I think the adoption of this resolution is an excellent achievement. I would like to thank very much the Nigerian compatriots here at the Permanent Mission.

“They have done an excellent work to really push this through.

“It is something that has been talked about for a long period of time and it was never very obvious that it would ever be adopted as the UN resolution.

“So I think that we truly have to recognise the excellent diplomatic and negotiating skills that were displayed by our Nigerian diplomats here in New York to achieve this.”

NAN reports that at the adoption of the Draft Resolution, the Nigerian representative had regretted the impact of illicit financial flows on the country.

“It must be reiterated that illicit financial flows reduce domestic resources and revenues needed to fund poverty eradication programmes, provide infrastructure and procure education for our young people, particularly, Nigeria.”

“However, it is our standpoint that whatever that is illegal, constitutes impediment to development, and should be condemned, and combated comprehensively.

“It is pertinent to note that the administration of President Muhammadu Buhari, of the Federal Republic of Nigeria, has taken steps to combat illicit financial flows headlong.

“This resolution therefore, should be welcomed with open arms by all members as part of the global efforts and strategies to bring about sustainable development,” Akinremi Bolaji, Minister Plenipotentiary and Head, Second Committee, had urged Member States.

Mr. Onyeama noted that the resolution had faced initial obstacles and resistance from certain quarters that were seen as recipients of the illicit financial flow and, therefore, did not support repatriation.

NAN gathered that Nigeria coordinated diplomatic negotiations on the Resolution with the African Group and the G-77 including China, for 40 days, and was strongly supported by the two groups. (NAN)


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  • Rommel

    The wailers will never celebrate this especially because it is against the interest of their principal

    • Sunday

      sure

    • princegab

      Good job, agreed. Nigeria’s leaders are the taproot of money laundering. Before you know it, they will circumvent the U.N. adopted resolution.

    • thusspokez

      That is because they are not rent-a-praise-singer like you.

    • Sharp Sharp

      Go and find out who cursed you !!! Seriously you are possessed !!

  • thusspokez

    The UN General Assembly had adopted, by consensus, the Nigeria-sponsored resolution on: “Promotion of international cooperation to combat illicit financial flows in order to foster sustainable development”.

    Yeah along with human right abuse; human trafficking; child prostitution; eradication of malaria, etc. How much progress has the UN made with regard to these resolutions and many others?

    The UN is a toothless organisation because it has no powers of its own. Children are being massacred daily in Yemen and Syria with made in the West and Russia bombs and aircrafts. The UN cannot even enter Syria to deliver urgently needed food to starving children except with the consent of the murderous Assad and Putin. And this Nigerian minister thinks: Hurrah! his resolution will usher in a ground-breaking change in international cooperation. That suddenly, the ever reluctant Western governments will repent and make this resolution — never mind the existence of countless number of similar resolutions in the past three decade — work for Nigeria?

    These Nigerians ministers have a lot top to learn like new arrivals from the village to the big city — and I will do my bit on this website to enlighten them.

    • blow fissh

      What do you want, not to try? Even if the resolution is 20% successful is will still be consider a success compare to 0%. Or are you one of the people that believe 0% is greater than 20%?

      • thusspokez

        Yeah just a few minutes ago, the UN passed a resolution demanding an end to Israel settlement on Palestinian land. And I can see the Israelis complying to the resolution as it has always done in the past!

        Small Switzerland is making interest from Abacha’s loot — which at today’s value should be in excess of $18billion. Yet Switzerland is still using the 1990s figure of $2-3billion. It makes the payment reluctantly and in drips. How has the hundreds of past UN resolutions solved any of these problems?

        It is Western governments that hold the key and no amount of UN resolution will move them.

        • blow fissh

          Still more than zero