Efforts to check illicit flow of funds out the country got a major boost, yesterday, as President Muhammadu Buhari ratified four treaties.
The deal between Nigeria and the United Arab Emirates would enhance financial cooperation and ease the repatriation of illicit funds between both countries.
This is even as he directed all agencies of government with roles to play under the respective treaties that had been ratified to ensure they play their roles in an effective and responsible manner to ensure the country reaped the full benefits of the agreements.
Buhari had in January 2016 led a Nigerian delegation to UAE where the agreements were signed in Doha.
The signed agreements were: Agreement on Mutual Legal Assistance in Criminal Matters, Agreement on Mutual Legal Assistance in Civil and Commercial Matters, Agreement on the Transfer of Sentenced Persons and an Extradition Treaty.
President Buhari expressed the hope that with the signing of the instruments the anti-corruption war will be reinvigorated.
“It is my hope that these instruments will reinvigorate the anti-corruption war and check the illicit flow of funds out of our country to other jurisdictions, improve national security, food security, boost our economic and tax regimes and improve the overall well-being of our creative community,” he stated.
Buhari said the signing of the agreements was an important milestone in demonstrating the sovereign capacity of Nigeria to fulfill international obligations and take important steps for the benefit of the economy, security and the anti-corruption war.
Other Agreements included Charter for the Lake Chad Basin between Nigeria, Cameroun, Central African Republic, Libya, Niger and the Republic of Chad; African Tax Administration Forum Agreement on Mutual Assistance in Tax Matters and World Intellectual Property Organization Performances and Phonograms Treaty.
Agreements on the World Intellectual Property Organization Treaty on Audio-Visual Performances and the Marrakesh Treaty to facilitate access to published works for persons, who are blind, visually impaired or otherwise were also signed.
The president said the full implementation of the Agreements had been delayed due to the need by both sides to conclude their respective ratification processes.
The Attorney General and Minister of Justice, Abubakar Malami, in his comments earlier, explained the benefits of each instruments to both countries.