Thread by @toluogunlesi

On Sept 1, 2016, the UK and Nigerian Governments signed an MoU “On The Modalities For The Return Of Stolen Assets Confiscated By The United Kingdom.”

Text of the MoU here: assets.publishing.service.gov.uk/government/upl…

The #IboriLoot is the FIRST return of recovered assets under the Agreement
#Thread

“Participants attach great importance to ensuring returned assets are used for the benefit of the people. Participants therefore decide that returned funds will be used in line with budget of FED REP OF NIGERIA for projects that will impact on poorest segment of the society...”

The Sept 1, 2016 Agreement was/is between the Government of the United Kingdom of Great Britain and Northern Ireland (signed on its behalf by Robert Goodwill MP, Minister of State for Immigration at the time) And the Federal Government of Nigeria (signed by HAGF @MalamiSan).

“This is the first time that money recovered from criminals will be returned to Nigeria since an agreement was signed in 2016 to recover and return the proceeds of bribery or corruption in a responsible and transparent way.” — UK Government gov.uk/government/new…

“@NigeriaGov has pledged to use returned funds for projects that will benefit and improve the country... Under the agreement, worked up with UK officials, a detailed budget plan, including a work & expenditure schedule has been made for each project & agreed by @NigeriaGov Reps.”

“They have committed to using the funds with the utmost transparency, and information about its management will be made available to the Nigerian public, as well as accountability reports which will be published annually.” gov.uk/government/new…

SUMMARY: According to the 2016 Agreement signed by Nigeria and the UK, all looted monies returned by the UK to Nigeria (and there’ll be more!) are going to the FEDERAL GOVERNMENT OF NIGERIA - and will be spent under a transparent & monitored framework.