The Federal Government of Nigeria has made a formal appeal to the United States government to repatriate millions of dollars stolen by corrupt officials and transferred through the American banking system, in a bid to recover the country’s stolen wealth and tackle corruption.
The Federal Government of Nigeria has made a formal appeal to the United States government to repatriate millions of dollars stolen by corrupt officials and transferred through the American banking system, in a bid to recover the country’s stolen wealth and tackle corruption.
On Monday, at the 6th Session of the Nigeria-US Bi-National Commission in Abuja, Minister of Foreign Affairs Yusuf Tuggar emphasized the need for US cooperation in recovering Nigeria’s looted funds, making a compelling case for joint action.
At the event, Permanent Secretary Adamu Lamuwa, representing Ambassador Tuggar, emphasized the need for enhanced US support in combating illegal fund transfers, citing the paltry sum of $308 million as grossly inadequate in the face of Nigeria’s monumental losses.
The Nigerian government has reaffirmed its pledge to utilize recovered funds for the betterment of its citizens, in accordance with agreements with international development partners, ensuring that the country’s wealth benefits its people.
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 emphasised that the theme for this year, “Partnership for Mutual Benefit and Development,” held particular relevance and timeliness given the pressing need for such collaboration, adding that as two major democracies, bolstering ties between these nations holds promise for an even more robust partnership, fostering peace, prosperity, and advancement not only in Africa but globally.
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The U.S. Deputy Secretary of State, Kurt Campbell, highlighted the pivotal role of security cooperation in the Nigeria-U.S. partnership.
Campbell, represented by the Assistant Secretary for African Affairs, Molly Phee, stressed that without security, achieving prosperity becomes challenging and human rights are endangered, while underscoring the joint efforts aimed at tackling Nigeria’s multifaceted security challenges, including terrorism, banditry, and piracy, which pose significant threats to its population.
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.”
In a major breakthrough, Nigeria is set to receive over $308 million in forfeited assets, thanks to a landmark agreement signed on February 3, 2020, between the governments of Jersey, Nigeria, and the United States.
As announced on the U.S. Embassy and Consulate in Nigeria’s website, this deal represents a significant achievement in the global fight against corruption and asset recovery.
A cleverly crafted money-laundering scheme saw millions of dollars flow through the US banking system, only to be stashed away in Jersey bank accounts held by Doraville Properties Corporation, a British Virgin Islands-based company.
But investigators uncovered the true identity of the beneficiaries – the son of former Nigerian Head of State General Sani Abacha and his cohorts, who had sought to conceal their corrupt profits.
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.”
A Royal Court in Jersey, Channel Islands, made a historic decision on January 16, 2024, ruling that stolen assets valued at £6.9 million ($8.9 million) be returned to Nigeria, a major blow to corruption and a win for international cooperation.
Under the pretext of financing a counter-terrorism campaign against Boko Haram in 2014, corrupt Nigerian officials allegedly embezzled the funds, exploiting a national security crisis for personal gain.