- We must take full advantage of the agreements
The news report, that President Muhammadu Buhari signed six bilateral agreements during his visit to the United Arab Emirates (UAE), is heart-warming. In a statement, the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, listed the signed agreements to include, the Avoidance of Double Taxation Agreement, Agreement on Trade Promotion and Protection, Judicial Agreements on Extradition, Transfer of Sentenced Persons, and Mutual Legal Assistance on Criminal and Commercial Matters, which include the recovery and repatriation of stolen wealth.
We commend the Nigerian delegation, led by President Buhari and his UAE counterpart, led by Crown Prince Zayed Al Nahyan, for the historic agreements. We are particularly impressed by the potential impact of the Mutual Legal Assistance on Criminal and Commercial Matters, considering that many modern day looters of the Nigerian patrimony have found the Kingdoms of the United Arab Emirates safe havens for laundering and stashing away the stolen common wealth of Nigerians. We hope that with these agreements, the Nigerian government would be able to repatriate some of these resources, once they are able to secure conviction at home.
We also believe that the agreement on Trade Promotion and Protection, and the Avoidance of Double Taxation will be useful for genuine investors from both countries. With Nigeria as the biggest economy in Africa, and the UAE a major trade and investment hub in the world, there is no doubt that both countries need all the reassurance for a secure investment. The agreements, we hope, would enable the parties learn from each other; and our country surely has a lot to learn on how the desert kingdoms are able to become major international destinations for business and pleasure.
We hope that Nigerians would develop the capacity to take advantage of the favourable tax regimes expected from the avoidance of double taxation. Nigeria no doubt has all the potentials to become the major investment hub in West Africa, and the country can learn a few things from the UAE to achieve that. It will be a shame, if as in several other bilateral agreements, UAE is allowed by the laxity of our government and businesses, to take all the advantages while we simply watch.
For us to gain in commerce and business, we must quickly take advantage of these agreements in the fight against corruption. Because Dubai particularly, and other UAE kingdoms have become fashionable spots for our thieving elites for leisure and investment, we must separate the wheat from the chaff. In recent times, it is common to see local adverts for property investment in the kingdoms of UAE, as an alternative to Europe and North America. Again, because of the stringent financial regulations for the movement of capital into Europe and North America, UAE became the alternative. Also, the absence of bilateral agreements like the one the two leaders just signed, and the weak legal regimes against money launderers, was also an attraction for looters.
It must however be noted that a bilateral agreement by itself does not stop the flow of corrupt money. So, while it is a potential deterrent, it remains so until it is effectively put to use. To be worth the effort put into it, the relevant agencies of the Federal Government must gear up to put the agreements to use. We hope they would also take advantage of the exchange of intelligence, extradition of suspects, confiscation and realisation of assets of convicts, and repatriation of proceeds of corruption. We urge our agencies to remember that all the benefits can only happen at their behest.
