Don’t beg Switzerland for Nigeria’s stolen funds, sue them, Falana advises Buhari

Lagos lawyer, Femi Falana, has said that it was time President Muhammadu Buhari took steps to recover Nigeria’s stolen funds stashed away in foreign banks, instead of continuing to appeal to the conscience of the leaders of the western countries.

Mr. Falana told PREMIUM TIMES, Thursday, that “the federal government should set up a team of local and foreign lawyers to initiate legal proceedings in the appropriate jurisdictions for the recovery and repatriation of the nation’s looted wealth.”

He said western governments won’t readily support repatriation of stolen funds, since their economies were benefiting from such funds.

“In spite of several promises the British government did not return any fund under former Prime Minister David Cameron. In the same vein, the outgoing Barrack Obama administration (in the U.S) will not repatriate a dime to Nigeria.”

Nigeria, Africa’s largest country, has been plundered for several decades by corrupt government officials who prefer hiding stolen funds – billions of dollars – in foreign banks.

President Buhari has made the repatriation of such funds a top priority of his administration.

Mr. Buhari, during the ongoing 71st United Nations General Assembly in New York, United States, met on the sidelines with President Johann Schneider-Ammann of Switzerland, where he (Buhari) asked for the urgent release of Nigeria’s stolen funds hidden in the European nation.

The Swiss government had earlier set conditions to release the money which largely involved official assurance that the money would be judiciously utilised for public good.

The United States Secretary of States, John Kerry, in March, had pledged his country’s commitment to help Nigeria get back its funds hidden in the U.S. banks.

When the then British Prime Minister, David Cameron, was caught on tape, in May, describing Nigeria as a “fantastically corrupt” country, Mr. Buhari famously remarked that he would rather want a return of his country’s stolen assets, instead of an apology from Mr. Cameron.

Britain’s first post-Brexit budget due in November

The British government will in November present its first budget since the country voted to leave the European Union, the Treasury announced on Thursday.

New finance minister Philip Hammond will give his first Autumn Statement to lawmakers exactly five months after the referendum backing Brexit.

“The chancellor of the exchequer, Philip Hammond, has today announced that he will present his first Autumn Statement to parliament on 23 November 2016,” the Treasury said.

As well as tax and spend plans, the budget will include the Conservative government’s latest forecasts for British economic growth.

The Autumn Statement is seen as a mini-budget before the main tax and spend announcements given usually in March.

While the risk of recession in Britain caused by Brexit fallout has diminished following relatively upbeat data releases since the June 23 vote, the economy could still take a turn for the worse.

A leading economic think tank, NIESR, warned Wednesday that “the probability of a technical recession before the end of 2017 remains significantly elevated”.

Hammond replaced George Osborne, who resigned as chancellor after the Remain camp lost the EU referendum. The biggest political casualty was David Cameron, who stepped down as prime minister and was replaced by Theresa May.

Hammond meanwhile decided against holding an emergency budget following the referendum result despite Osborne claiming that one would have been necessary.