The Federal Government has urged the United States of America to facilitate the repatriation of more illicit funds transferred from Nigerian officials through its banking system.
Yusuf Tuggar, the Minister of Foreign Affairs, made this appeal during his remarks at the 6th Session of the Nigeria-US Bi-National Commission in Abuja on Monday.
Addressing the gathering, Ambassador Tuggar, represented by Adamu Lamuwa, the Permanent Secretary of the Ministry of Foreign Affairs, underscored the necessity for increased support from the U.S. He highlighted that the $308 million repatriated so far is inadequate compared to Nigeria’s cumulative losses from illegal fund transfers over the years.
The Nigerian government reiterated its commitment to utilizing these repatriated funds for the collective welfare of its citizens, as per agreements with development partners. Specifically, the funds will be directed towards infrastructure development, prioritizing projects such as roads, schools, education, and other critical sectors requiring substantial investment.
The Perm. Sec. said, “I would like to appreciate the fallout of the Democratic National Convention held in February 2020 in Washington, DC. The governments of Nigeria, the United States, and Jersey signed a tripartite agreement to return to Nigeria the sum of over $308 million of funds stolen from the country.
“I would also urge the U.S. to do more because $308 million is a meagre amount when you look at the resources that Nigeria has lost over the years due to illegal transfers of funds from the country.
“The Nigerian government has committed to using these funds for the benefit of all Nigerians, as agreed with development partners. These funds are aimed at developing infrastructure, particularly projects in roads, schools, education, and other sectors of the economy that require this substantial return.”
Lamuwa underscored the significance and timeliness of this year’s theme, “Partnership for Mutual Benefit and Development,” emphasizing the critical need for collaboration. As two major democracies, strengthening ties between Nigeria and the United States holds promise for an even stronger partnership, which can foster peace, prosperity, and progress not only within Africa but globally.
In her remarks, Assistant Secretary for African Affairs, Molly Phee, highlighted the pivotal role of security cooperation in the Nigeria-U.S. partnership. She emphasized that security is essential for achieving prosperity and safeguarding human rights. Phee underscored the joint efforts aimed at addressing Nigeria’s complex security challenges, including terrorism, banditry, and piracy, which pose significant threats to its populace.
She said, “Security cooperation is another crucial aspect of our relationship. Without security, prosperity will be elusive and human rights threatened. Together, we are working to address the broad security challenges facing Nigeria, terrorism; banditry and piracy threaten its people.
“The U.S. is committed to helping Nigeria build more capable, professional and accountable security forces while ensuring respect for human rights, and fundamental freedoms, including for religious minorities.”
On February 3, 2020, as contained in a statement on the website of the United States Embassy and Consulate in Nigeria, the Government of Jersey, Nigeria and the U.S. government entered into an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria.
The funds were laundered through the US banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a BVI company, and the name of the son of the former Head of State of Nigeria, General Sani Abacha.
The statement added, “General Abacha and his associates stole and laundered many hundreds of millions of dollars of public money during his military regime, doing vast harm to the futures of his people.
“The monies were laundered by his family, including his sons Ibrahim and Mohammed, and several close associates. The laundering operation extended to the United States and European jurisdictions such as the UK, France, Germany, Switzerland, Lichtenstein and Luxembourg.”
Also, on January 16 2024, a Royal Court in Jersey, Channel Islands, reportedly ruled that stolen assets worth £6.9m ($8.9m) be repatriated to Nigeria.
The said assets were allegedly diverted by Nigerian government officials in 2014 under the guise of purchasing arms to fight Boko Haram terrorists.
