Nigeria urges US to repatriate more illicit funds

The Federal Government has called on the United States of America to repatriate more illicit funds transferred by Nigerian officials through its banking system.

The Minister of Foreign Affairs, Yusuf Tuggar, made the appeal in his remarks at the sixth session of the Nigeria-United States Binational Commission in Abuja on Monday.

Speaking at the event, Ambassador Tuggar, represented by the Permanent Secretary of the Ministry of Foreign Affairs, Adamu Lamuwa, emphasized the need for greater support from the US, citing $308 million as insufficient compared to the Nigeria’s losses from illegal fund transfers over the years.

He reiterated the Nigerian government’s commitment to use these funds for the collective benefit of its citizens, in accordance with agreements with development partners.

Specifically, the funds would be allocated to infrastructure development, focusing on projects such as roads, schools, education and other vital sectors that require substantial investment.

The permanent one. Second. He said: “I would like to appreciate the consequences of the Democratic National Convention held in February 2020 in Washington, DC. The governments of Nigeria, the United States and Jersey have signed a tripartite agreement to return to Nigeria the sum of more than $308 million in funds stolen from the country.

“I would also urge the United States to do more because $308 million is a meager amount considering the resources Nigeria has lost over the years due to illegal transfers of funds from the country.

“The Nigerian government is committed to using these funds for the benefit of all Nigerians, as agreed with development partners. “These funds are intended to develop infrastructure, particularly projects in roads, schools, education and other sectors of the economy that require this substantial return.”

Lamuwa emphasized that this year’s theme, “Partnership for Mutual Benefit and Development”, was particularly relevant and topical given the pressing need for such collaboration, adding that as two major democracies, strengthening ties between these nations promises a even stronger relationship. partnership, fostering peace, prosperity and advancement not only in Africa but globally.

US Deputy Secretary of State Kurt Campbell highlighted the critical role of security cooperation in the Nigeria-US partnership.

Campbell, represented by African Affairs Undersecretary Molly Phee, stressed that without security, achieving prosperity becomes a challenge and human rights are at risk, while underscoring joint efforts to address Africa’s multifaceted security challenges. Nigeria, including terrorism, banditry and piracy. that pose significant threats to their population.

He said: “Security cooperation is another crucial aspect of our relationship. Without security, prosperity will be elusive and human rights will be threatened. Together, we are working to address the broad security challenges facing Nigeria: terrorism; Banditry and piracy threaten its people.

“The United States is committed to helping Nigeria build more capable, professional and accountable security forces, while ensuring respect for human rights and fundamental freedoms, including those of 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 government of the United States entered into an Asset Recovery Agreement to repatriate more than $308 million in forfeited assets to Nigeria. .

The funds were laundered through the US banking system and then deposited into bank accounts in Jersey in the name of Doraville Properties Corporation, a British Virgin Islands company, and in the name of the son of former Nigerian Head of State, 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, causing great damage to the future of his people.

“The money was 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 United Kingdom, France, Germany, Switzerland, Liechtenstein and Luxembourg.”

Additionally, on January 16, 2024, a Royal Court in Jersey, Channel Islands, ruled that stolen assets worth £6.9 million ($8.9 million) must be repatriated to Nigeria.

The said assets were allegedly diverted by Nigerian government officials in 2014 under the pretext of purchasing weapons to fight Boko Haram terrorists.